Dicta here very strong as to the rights guaranteed by the 2nd Amendment being individual rights, and that the same "people" mentioned in the 1st and 4th amendments are also the "people" in the 2nd.
Will Emerson get his guns back? I don't know. The lower court seemed sympathetic to his plight, but has been ordered by the higher court to make a ruling not inconsistent with the higher court's ruling. If violation of 18 USC 922(g)(8)(C)(ii) is a felony, and he is found guilty, he won't be able to legally possess a firearm again. But that's the whole point, isn't it -- to make "zero tolerance" policies that ensnare even the innocent, so we can whittle away at the Second Amendment.
Lock and load, folks.
Furthermore, the anti-gunners lose a lot of the high ground in this ruling, even if Emerson loses his case on the restraining order provision. They got their heads handed to them.
The key is to see the petition for cert. If the Supreme Court declines to hear, then we have a decent precedent in the 5th Circuit. But if they hear it, the people who vote to grant cert are key. If it's Scalia, Thomas, Rhenquist, and one other, we'll win. If it's Stevens and Souter, plus the Clinton appointees, we're in deep trouble.