Just like municipal bylaws require a little weeding from time to time because they are no longer relevant, so does a government's constitution. The people of the US are no longer fugitives from England and Europe looking to escape depraved monarchies who taxed their people into starvation and persecuted those with religious differences (well a few may still be). It's time to take a look at the reason behind the "right to bear arms" and realize that it only exists because the drafters of the constitution were afraid of ending up with a despotic government and wanted some way to ensure its demise. This is 2012. The US military is the largest and most well armed in the world. What possible chance could a rabble armed with handguns have in defeating a well armed machine. With deadly gas, biological weaponry and all manner of explosive fire power, rebels would be blasted out of existence or killed in some other way. The US is a democracy and as such the people have the power to vote for the government and society they really want. Voluntary gun control is as effective as herding cats. Ownership of a handgun should be as difficult as possession of plutonium. If you can't make a persuasive case for owning it, you shouldn't have one.
As a Canadian, where handgun ownership is illegal, I would be very happy if American handguns were no longer being smuggled into our country to be used by criminals in drive by shootings. Believe me, but for American handgun smuggling we'd have virtually no gun crime except for the odd shooting in the countryside by drunks with rifles.