As a Chicagoan, who works in Chicago, lives about 2.5 miles from downtown, I can tell you that this registry business isn't big news here. After the high of getting our handguns back, I think there is little steam sufficient to bring this bill to fruition. I doubt many people would register their firearms given the history of disarmament through registration lists. Gun owners in the know just aren't that stupid. Like everyone else has said, "Sorry, officer, tragic boating accident you see..."
"Shut up, crime!"