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A C&R license IS an actually FFL. It's called the 03 FFL. You have to fill out paperwork, give a copy to your Chief LEO, and send it in to the BATFE. If the CLEO doesn't file an objection on the paperwork, there usually isn't anything holding it back. They do a deep background check (at least a little deeper than NICS), and collect your $30. If you pass, they ship you the C&R.
Any gun you buy with the C&R must be logged into a bound book, and if sold later, must be logged out.
The real benefits rom having a C&R are as follows:
-No NICS check on the qualifying guns.
-No requirement to receive via an 01FFL. (i.e. it can be delivered directly to you)
-"dealers" discounts at most mail-order and internet accessory places (MidwayUSA, etc) You fax them a copy of your FFL and tell them you'd like the dealer's discount.
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