Earlier quoted context omitted.
Accepting the premise that it's a good thing that the population at large can own guns, their argument is that they're thinking a few steps ahead: If smartguns become popular, the government can then outlaw non-smartguns without too many people caring (they can still own and fire guns). Then the smart-stuff is leveraged to "enhance" security - transferring ownership, for an example, could be made subject to a governm…
Is the "keep the government in line" thing really a reason that anybody actually believes anymore? Like, if things got so bad that the government was "turning on its own people" with weaponry, somebody really thinks some guys with guns from Wal-Mart are going to be what stops them?
As for "guys with guns from Wal-Mart" in the US, let's not forget that we have tens of thousands of experienced returned officers and NCOs, who are very knowledgeable about guerrilla warfare and who identify very strongly with that rural population base here in the US.