Yes, it transforms the right to keep and bear arms into the privilege of doing so "during good behavior." The "during good behavior" part is the arbitrary component, depending on the definition of "good behavior" according to whoever is pulling the trigger on it. Once the trigger is pulled, due process is out the window, because the way it's set up, judges merely become rubber stamps under the "better safe than sorry" rationale.
Kinda like the FISA Court.
