How do you reconcile reasonable restrictions with a right that shall not be infringed? That will be a neat trick without trashing "Miller," IMHO.
Well, it's obvious that they will never take it literally. That would give us the right to own our own WMD's if we so chose. One set of reasonable restrictions that I don't think anyone would object to would be a prohibition on strategic weapons, (ICBM's, bombers, etc...). While these are arms, they are not weapons that one would associate with a militia. Personally, I would draw the line at explosive ordinance and crew served weapons, but it's very hard to argue that those aren't legitimate militia weapons as well.
So common sense dictates that if they find an individual right they will have to draw the line somewhere or permit the government to do it for them and somehow I doubt they will be nearly as lenient as I would be.