We seem to be a pretty pro-toy gun bunch: over 60% of the respondents to my poll said they let their boys play with toy guns unrestricted. Of course, I have a healthy hunch that even "unrestricted" comes with some common sense guidelines. I mean, I answered "unrestricted," but if I see one of my boys whacking the other over the head with a toy gun -- well, that's another story!
(Can you tell that's happened here before?)
That said, I completely respect other parents' rules and wishes. If another family comes over to play and they are not comfortable with toy guns, I'll ask the boys to put them away.
For me, that's what it's all about: respect. Respecting our boys' desires to experiment with power and toy weapons. Respecting the weapons. And respecting each other. If we teach our sons to respect themselves and one another, I don't think we'll have to worry too much about real violence down the road.