I've said before that

all guns should have a title just like a vehicle, and when you sell it, the title should be transferred just the same.
Will it take all guns away from bad guys? no, but it won't keep gun owners from owning guns either. I know a lot of the right to own guns is to allow citizens to keep the government in line crowd see gun registration as a precurser to confistication. And if you're afraid of the government taking all weapons away from citizens, that's even logical from that state of mind.
Also, I'm not sure if a convicted felon resides in a residence, there should be any guns allowed there, not even registered to someone else. They can get rid of the guns or guy that is not suppose to have access.
I'd consider taking away the right to own guns from anyone with repeated drug possession, even when not a felony, and from people with repeated DUI's. If you're irresponsible enough to repeatedly get high or to repeatedly drive impaired, you're not responsible enough to trust not to use a gun while impaired.