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As far as registration schemes go, it's not intended to work. The intent is to make ownership harder. They can't ban the things, but they can make the process so difficult and costly that people don't bother. That's the true logic at the core of it.
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True, fighting registration schemes is not currently at the top of the pro-gun judicial to-do list. However, there are ample legal precedents concerning the 'chilling effect' of government fees on the exercise of fundamental constitutional rights. TS is correct that the underlying purpose of Chicago's registration scheme is to discourage the exercise of the RKBA. As such, Chicago or some other locale will eventually provide the fodder for a case to not only challenge a particular city's fees, but more broadly to challenge
all gun-related fees.