Here is a link to a description of the argument on this case, it is being argued in the Supreme court right now:US Vs. Bean
Basically Mr. Bean is arguing that, according to the 2nd Amendment, the right to bears arms is just that, a right, and not a privilege. Therefore, just because he is a convicted felon they should not be able to take his fundamental right to bear arms away. According to the law, the Secretary of the Treasury has the power to reinstate someone's right to bear arms, but when he applied to have the Secretary reinstate it, he was ignored. According to those involved in the case, Mr. Bean has a very powerful argument and he may win this case. Which would mean that felons could bear arms again, in theory.
This raises quite a few questions, two that come to mind are:
1) Is bearing arms a right or a privilege?
2) How come no cases are coming forward, to reinstate a felon's right (or privilege) to vote. . .or is owning a gun a more important right to felons?