Impact on terrorists and violent criminals = 0%
Impact on law abiding citizens = 100%
We have a "pistol purchase permit" system here in my state (North Carolina) which is similarly ineffective. It was brought into existence around the time New York passed it's "Sullivan Law" regulating firearms. Our system was initially conceived so that black citizens could be prohibited access to handguns, and today it costs taxpayers almost $10 million each year to run. The 100 Sheriffs (state wide) staunchly defend the program through their lobbyist in Raleigh, even though it's resulted in thousands of prohibited people and felons holding valid purchase permits. They like the program because it protects the budget for hiring a number of employees in each county.
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 Igitur si vis pacem, para bellum -
- Therefore if you want peace, prepare for war.
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