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To me, the C&R distinctly separates me from dealers, as a collector. This license simply facilitates the transfer of weapons from one individual to another across state lines, freeing licensed dealers from this burdensome process. Once transfered, those weapons are private property and not under the regulation of the federal government (note I did not say surveillance).
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Mostly right, depending on what you mean by "not under the regulation of the federal government." You can transfer it to a non licensee in your state, but you still have to log it (because with the license, you have placed YOURSELF under federal regulation).
Those who have federal licenses (and the C&R most certainly is one) have to follow the federal rules.