I think you are probably right. I think it is unlikely that this bill will ever see his desk. Bush is probably hoping the whole issue will go away. It is a lose/lose situation for him. If he vetoes the bill, he will lose a large segment of "soccer mom" voters, if he signs it, gun owners will retaliate at the voting booths.
Furthermore, while I still hope it is allowed to sunset, the AWB is a bit of a joke. So-called "assault" rifles are still plentiful. Romanian Kalashnikovs can be found for less than $300 at gun shows --cheaper than the Chinese one I purchased prior to the AWB!
I've seen these things.... What do you look for?? I'm pretty deft at inspecting used shotguns, 1911's, revolvers etc. These surplus euro military weapons always throw me.