Oral arguments in DC v. Heller was held today and Scotusblog live blogged the oral arguments. If questions on oral argument are to be given weight, Justice Kennedy is going to vote on an individual right basis, so Heller should win.
That said, it is possible, neigh probable, that the result will be (i) the right to keep and bear arms is an individual right but (ii) government regulation of such right is permitted.What will follow is 30 years of litigation to decide what level of government regulation is permitted.The only thing that will be decided by such result is that blanket gun bans will not be permitted. The first litigation will be regarding "shall v. may" issue. DC and Chicago will claim that they are merely "may issue" jurisdictions.
So the case may decide everything (i.e. that there is an individual right under the Second Amendment) and nothing (i.e., how far does that right extend).