I think the Constitution was speaking of personal arms, which are traditionally distinguished from artillery. I think it is a mistake to tie the right to bear arms with the militia. They wanted an militia infantry to have rifles and know how to use them in a pinch, but the right to keep arms is primary. Remember these rights are not being granted in the Constitution, they are being secured.

In principle, I wouldn't mind if my neighbor had a tank or a flame thrower. As long as they had them secured and used them in a lawful manner, they pose no more danger to me than a personal weapon.

Use in "a lawful manner" is, of course, the rub. Unless it is used in self defense, I can't fire my weapon in the town. I have to fire it either at a range or during hunting season in areas where hunting is allowed and with all due caution. For my 12 gauge that isn't terribly restrictive. I am not sure how you find a rifle range able to accommodate a Crusader 155 mm Self Propelled Howitzer in NJ.