The federal law (1994 Assault Weapons ban) is what Schwarzenegger was most likely referring to. As governor, he has zero ability to influence this, despite the strained logic of the article at the top of this thread. The fact that we're kicking the topic around in this forum shows that pro-gun voters are *not* asleep.
California's state law re: registering or banning assault weapons (Roberti-Roos, signed into law by a *Republican*, IIRC) is already pretty darned all-encompassing. They've pushed about as far as they can go, short of confiscating all semi-automatics.
Based on Roberti-Roos, the "SKS Sporter" buy-back program was the first step down the road to confiscation. The state was paying $200.00+ for each detachable-magazine SKS rifle turned in. Do any of you CA FReepers have the budget numbers and percentage of compliance info on that particular project? Expanding such a program to all currently-registered semi-autos sounds less than viable, financial speaking.