Obama knows pretty well that he's going to have trouble getting any meaningful gun control bills through Congress. So what he's aiming for instead is a way to extra judicially declare owners unfit. It'll pass as "reasonable" measures like keeping guns away from crazy people, but much like the "no fly list" the criteria used to land on the list will be obscured and murky, and there will be no mechanism for challenging the decision once you are put on the list. The Soviet Union used to declare political dissidents to be "insane", and that's where this is heading. There will still be guns available in stores, but you won't be able to buy one because you've been put on a list.