In the D.C. v. Heller case, the Supreme Court struck down the ban on handguns in the District of Columbia, as that ban violated the Second Amendment. One of the issues left unresolved in that case was whether the Second Amendment applied against state and local governments, or just the federal government. The McDonald v. Chicago case may answer that question with respect to the Chicago and Oak Park handgun bans.
The oral arguments in this historic case take place on May 26, 2009, at 9:30am at the 7th Circuit Court of Appeals, which is located at 219 S. Dearborn Street in Chicago, on the 27th floor. The public is welcome to come and listen to the oral arguments, and see history in the making. Note that attendees will have to go through security and metal-detectors in order to enter the Federal building. More information about this case can be seen here: http://www.chicagoguncase.com/
Those who are following this case may also be interested in the Nordyke case, and information about Second Amendment incorporation in general.
My thanks to Carl for pointing out this upcoming oral argument.