Bearing in mind you're asking us Brits you really should include what the second amendment is to help us out :p
I think it's a 50/50 argument but the reasons you stated above have nothing to do with supporting or opposing it. I'm guessing the little gem there is from a US paper as in the UK people just don't sue. And the people who do, guess where they got that idea from? Yep, America! Who here has seen Liar Liar? There's a little skit in that about burglars being able to sue after being injured in commiting a crime but it doesn't happen in the uk. If you rob someone you get arrested and if you happen to cut yourself on the window you smashed to gain entry noone will cry for you.
The biggest headline I remember that pertains to this discussion is a farmer called 'Tony Martin' Read his full story here >
http://en.wikipedia.org/wiki/Tony_Martin_(farmer)
Basically after numerous thefts from his home he illegally armed himself with a pump-action shotgun and killed one would-be burglar while wounding another. The wounded burglar received no compensation despite being shot in the leg and he was sent to jail for the full standard sentence for his crimes.
The farmer was sentenced for murder but this was later changed to manslaughter as it had not been a calculated attack but carried out in self defense.
The wounded burglar attempted to sue the farmer but when a counter-lawsuit was raised by the farmer the criminal dropped all charges. Funnily enough he ended up back in jail soon after, shame he didn't shoot them both dead really...
Anyway there's lots more info in the wiki above but the point is, if he hadn't of killed either of the men in his home he quite probably would have avoided jail. It was dark, he was half-asleep and the guy had been robbed 10 times already. Who wouldn't be pissed? But the choice of weapon for self-defence was utterly ridiculous and in my opinion the surviving criminal is lucky he got out at all.
The farmer served 5 years, I wouldn't have given him anything more than standard punishment for owning a weapon illegally. A man's home is his castle and why the hell shouldn't he be able to defend it as such?
As far as the American parallel goes, I have no problem with you lot owning guns but I'm certainly more of the side that violence breeds violence and I'd guess well over 50% of Americans that carry weapons do so because 'other people are carrying weapons'. If you get mugged by a guy with a gun and you have no gun, what happens? He'll take your money right? If you get mugged by a guy with a gun and you have a gun too, then what? Chances are someone's going to get shot, probably killed.
It doesn't matter if it's legal or illegal and what country you live in, the only way to win is if noone has guns anywhere and that will never happen. My personal opinion is that all police forces should have the right to bear and use arms with the protection of the courts but noone else should.
That way when a copper catches an unarmed criminal you can bet he'll end up in jail and noone will get hurt. Unfortunately there will always be a way for that criminal to find a weapon somewhere so realistically it'll never be that simple.
As it is we each have to come to our own conclusions about the safe and sensible controlling of deadly weapons. If we give them to everyone without question then people WILL die, but if we only give them to some people how do we know we're not arming the wrong ones? You take weapons away from the police then pit them against a well armed gang of nutters and what do you think happens next?
If you want to carry a gun Snowman, other people will certainly have their opinions about it but I really don't. Just be sure you're ready to use it when the time comes or why bother having one? You may think that being armed is a deterrent but really it's only when people know you have a weapon that they'll think twice about messing with you, and if you already have a gun pointed at you... Do you really risk drawing your own?