Escalation is a thing to consider, but I believe it is limited to police vs criminal situations. If everyone on the street had a 9mm, even if the bad guys had ak47's and grenades they wouldn't stand much of a chance. In more even numbered matchups between police vs criminals the person with the better arsenal will win because there aren't enough people to overwhelm them.
The problem I have with the "disarm the bad guys" argument is that I don't believe its possible. We've tried to, but laws don't get enforced and people are lazy and there's the black market that will never be controlled. No matter the laws I don't believe there is a way to keep guns out of the criminals hands if he wants one. This isn't to say we shouldn't try, but it should not be the only thing we do.
Creating laws that allow the public to protect themselves with deadly force is a way to decrease the incentive to be a criminal. If anyone on the street could have a gun and kill me for attempting a robbery, even if i have a submachine gun under my trenchcoat I'm sure as hell not going to try it. I don't think anyone commits a crime thinking they will be caught. If you can increase the likelyhood that a criminal will be punished for a crime I believe there will be less crime. The knowledge that anyone could pull a gun and kill anyone committing a felony increases that likelyhood significantly.
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