To me, it wouldn't be a real big deal as long as there was no registration attached. I don't know if background checks prevent any crime. I DO know that having to go through 15 or 20 in the same year is totally retarded, especially if you hold a permit.
The "loophole" is in places like Chicago, where straw purchasers really do operate. You can buy a trunkload of guns right ouside the city, and then sell them in the city to anyone that has the cash. Gun bans don't work well anyway. Add private sales, and they don't work at all. That's what the anti's are targeting.
Gun owners and anti's could probably come to terms on the issue, but the anti's just can't be trusted.
The only positive I can see... it will eliminate their most effective talking point. I think it has some of the support from gun owners just so they never have to hear it again.
I voted no, but as OS said, it will probably pass anyway.