Yes. It means States have the power to regulate arms, but the Federal Government doesn't.

So what? Those States that tried to ban guns entirely would find an exodus of gun owners on their hands...or a revolution, if we're lucky.

As long as people WANT guns, at least ONE state will be smart enough to capitalize on it, and so there will always be refuge within the US for gun-owners. Not a big deal, considering...they've had over 200 years to ban them entirely, and haven't done so yet.