The Supreme Court is widely expected to incorporate the Second Amendment and strike down Chicago's gun ban. The real questions are how will the court choose to do so and what restrictions (future gun control) is permissible under the Bill of Rights.
You can find a good analysis here:
SCOTUSblog Analysis: 2d Amendment extension likely
The court's decision will probably be announced in June of 2010.
For MoHawk: Round Lake Beach, IL is not covered by the Chicago gun ban. You can own virtually any gun you want in Route Lake Beach, including scary looking "assault weapons". The only thing you might miss is CCW (assuming your current state has it). We here in Illinois are working VERY HARD to change that, however.