It's what's written down that matters. Not what someone THINKS they wanted to write.
I read it as the militia's being regulated, and the citizens having the right to bear arms.
That's right, in keeping with the law that the military is under (civilian) government control.
The right to keep and bear arms is held by the people.
A simple grammatical analysis says that much. However "Well Regulated" was a term of art at the time. It did not mean controlled by government rules, but rather properly functioning, fit for it's intended purpose. Thus a well-regulated militia is one which works properly and is fit for its intended purpose.
That purpose? Defend the country until an Army can be raised, and provide the necessary counterweight to standing armies (it's plural in the Constitution, check it out) should they be raised. That is the reason the officers of the militia were to be appointed by the states, not the federal government. (In the National Guard, OTOH, officers are state appointed, but must undergo "federal recognition", basically a process of asking for federal permission to appoint that person in the rank desired.)
But as you say, the right belongs to the people, not the militia. And it's not to be infringed, which all regulations do to one degree or another.
I suspect this guy is the anointed replacement for Belesaires. This is from the "Red Star", is it not? The "good professor" is full of shiite when he posits that the purpose of the amendment was to allow for a "regulated" in the sense of controlled, militia. Those provisions were contained in the main body of the Constitution, specifically:
Congress shall have the power .... To provide for calling forth the Militia to execute the Laws of the Union, suppress Insurrections and repel Invasions;
To provide for organizing, arming, and disciplining, the Militia, and for governing such Part of them as may be employed in the Service of the United States, reserving to the States respectively, the Appointment of the Officers, and the Authority of training the Militia according to the discipline prescribed by Congress;
Art. I Section 8
and
The President shall be Commander in Chief of the Army and Navy of the United States, and of the Militia of the several States, when called into the actual Service of the United States;
Art.II Section 2.
Stupid "professor" thinks we can't or haven't actually read the Constitution.
The Bill of Rights, most specifically including the second amendment, except in part the 10th amendment, is all about protecting the rights of the people from the government. The 10th also protects state governments from federal usurpation of their powers.
Well regulated meant armed and trained.