I would disagree with both of you. By "arms," what is meant is state of the art at whatever time you're in.

There's an interesting federal law that nobody talks about, but it's still in effect -- if a private citizen wants a personal state of the art weapon but cannot afford one, the government is obligated to provide one. It's the IRS that does it, actually. My uncle knows this guy in Georgia that did that. He applied to the IRS for a weapon -- something insane like an M-16. It took eight months of paperwork, background checks, red tape, and discouragement from federal employees, but he got it.