The actual construction has a meaning which is only a shade different from that. Even using your construction, some would claim that the fact that two things are listed means that they are not connected and therefor "arms" only includes .22 rifles with low-velocity rounds chambered manually one at a time by hand. The standing army will take care of the Militia needs.
1. The People are subordinate to the Government.
2. The Government is subordinate to the people.
Guess which view the anti-second amendment group holds?
That being said, I think that in time, we will witness the "Ron Silver" affect. During the first inauguration of Clinton, some military jets flew overhead and this peeved Silver for a moment. Then suddenly he realized "Hey, those are our jets now." When the left has been out of power long enough, they will start saying "Hey, that's OUR 2nd Amendment and OUR right to bear arms too!"