Assuming that the Hughes Amendment is overturned or legislatively negated in the future, the notion that a $200 transfer tax for NFA weapons is unconstitutional has just taken a serious hit. Originally designed to be "confiscatory" ($200 was a small fortune in the Depression) it now restricts NFA weapons to the merely well to do.
The greater implications are more ominous: Suppose the '34 NFA was expanded to include semi-auto "assault weapons" of whatever description, and/or handguns (originally included in the NFA but withdrawn for political reasons). At what point does the Govt's authority to tax infringe on the 2nd Amendment's right to keep and bear arms? We already have lawsuits filed against NY's excessive registration fees. Will the Court uphold those fees as inherent in the Govt's right to tax? If so, why not a $200 tax on every firearm? Or a $500 tax? Or a $5,000 tax?
At some point, the Court will certainly step in to say "Enough!" This precedent will facilitate them doing it later rather than sooner.