Konrad, This has been a frequent topic on this forum (old L&P) and I am one who agrees with the restrictions on full auto weapons and do not believe that an armed citizenry buttressed by the Second Amendment protects us from a corrupt government.
First, I do not believe that ANY right is without restriction or limit. The only type of world where there are absolute rights is an anarchy and only then if you have the power to enforce the right. Each one of the BOR is limited and the Second Amendment is no exception and if the limitation passes constitutional muster then there is no infringment on the right.
So, where to draw the line? In Heller Alan Gura who represented Mr. Heller spoke about weapons in common use by civilians. I submit that full auto weapons are not in common use by civilians (they are legal but heavily regulated and mostly owned by hobbyists and collectors) and therefore are not protected by the 2A. Further, I submit that FA weapons are not suitable for civilian self defense. I know there is a wide spectrum within the FA auto world going from a three round burst M16 to a .50 caliber heavy machine gun but the operation of FA weapons is I believe best left in the military world for which it was designed for fire suppression and area denial.
As to the theory, known by some as The Insurrectionist Theory under which the Second Amendment not only grants the personal right to bear arms, and gives citizens the right to rebel against a government perceived as tyrannical. I do not subscribe. I believe that theory is refuted by Article One Section Eight which gives Congress the power "To provide for calling forth the militia to execute the laws of the union, suppress insurrections and repel invasions;" So, I don't think the Insurrectionist Theory (notwithstanding the numerous quotes from obscure folks like Tenche Coxe) holds any water. I believe the maturity and robustness of our democratic institutions and checks and balances contained in the COTUS protects us from tyranny and not an armed citizenry.
That is my view in a nutshell but I can expound on that too.
"God and the Soldier we adore, in time of trouble but not before. When the danger's past and the wrong been righted, God is forgotten and the Soldier slighted."