Reagan's 1986 amnesty was absolute, didn't get them all registered (and didn't *touch* registering their employers), didn't collect fines from the illegals, but did give them an official leg up on citizenship applications.
In contrast, President Bush's plan doesn't give illegals an official leg up on the citizenship process, does fine illegals, and does provide an incentive for illegals to register themselves and their employers.
Registration is the key. Certainly the gun-banners would try to register all of us gun owners if they got the chance. There is a reason why they want to register us; it makes it easier to ban us and verify compliance with said ban later on.