Instapundit wonders if Bush just lost the election due to the Senate passage of gun control legislation.
He then seems to think better of it, and thinks that it will probably die without ever getting to Bush's desk. I also think that is the most likely scenario. It would seem to me that this turn of events will work pretty well in Bush's favor. With Kerry (and Edwards) making rare appearances at their actual jobs, expressly to vote FOR gun control, this will be a strong motivator for NRA members and other 2nd Amendment supporters to vote for Bush and therefore against Kerry (or Edwards). Contrast this with Bush, who probably never has to use the veto here, and so he antagonizes no one.
It simply seems that there are more people who support a strong 2nd Ammendment than there are who want to water it down even further, and they are also more likely to be a "one issue voter" and/or feel more strongly about it.
The only way I can see for this to hurt Bush is if it passes both houses and he actually signs the thing.