I think that as long as guns are strictly regulated then that's fine. I disagree with the US idea that you are assumed the right to own a gun, as they are one of the most dangerous weapons. I too however dislike over-legislation.
As for the whole crime and guns thing, I think we have lower rates of gun crime and our other weapons offences are dramatically higher than the US's, but things aren't so simple so i won't draw conclusions.
But, as has been pointed out with the banning concept being taken to extremes being ridiculous, so would the converse argument, that we shoul be allowed anything no matter what its potential destructive power, provided it was regulated. I owuld not feel comfortable if my neighbour had a rocket launcher under the bed and a scud in the garage just in case. Oh, and a few ICBM to deter number 42 from let their dog on your property, and to prevent an pre-emptry strike from them.
Stupid i admit, but it shows that things DO need to regulated proportional to their potential to harm.