"A well regulated militia being necessary to the security of a free state, the right of the people to keep and bear arms shall not be infringed"
As far as I'm concerned "regulated" means that gun control is not unconstitutional. And as we are seeing, firearms free of regulation isn't making a lot of people feel very secure.
Well actually that refers to the militia and not the guns. However no amendment is unlimited. You can't have a 50 cal machine gun, or a rocket launcher, you can't yell fire in a crowded theater, you can't keep a tiger in your yard, you can't have plutonium, you can't expect to not be searched if a cop catches you red handed, you may lose your freedom if you break the law, you can't practice religious human sacrifice, and so on. So nothing can be held up as absolute.
Really I don't get the whole 2nd amendment thing though, just as you pointed out. It's for a militia which is now the National Guard. Plus you have a right to property. That includes guns. Therefore you have a right to own guns, no 2nd amendment required. There are also the unenumerated rights. That's pretty much means it's ok unless there is a law about it.
My opinion on it, is that there is just too much dogma involved. We come up with policy based on opinions about opinions about opinions about opinions about the constitution. There is some value in that, but in some cases that should just be dropped. Go back to the document, and read what is there. Unless guns somehow aren't property, they don't need a special amendment. That's why amendment 2 says "militia". That's all it's about. Guns would have just been property to the authors, like tools or a piece of furniture, or whatever.
So what is the 2nd amendment for if it references militias, we have property rights and guns are property, and we already regulate guns as well as ban dangerous ones (like the machine gun example)?
It's for people's fantasies about overthrowing an oppressive regime, for which they have neither the equipment nor intestinal fortitude.
That's what I think anyway.