I’m not a legal scholar, but I am an attorney who has studied this issue. This case is huge for two reasons:
1) The Fifth Circuit has now created a definite split between the other Circuits. This means that the U.S. Supreme Court now has a reason to hear this case and resolve the split among the Circuits. With everything happening in the country lately, now may be a good time to have the Supreme Court hear the case. The Fifth Circuit has unequivocally held for an individual right. Furthermore, it supported it with viable arguments, caselaw and historical support.
2) Ruling against Emerson on the 2nd amendment may be brilliant. If they had ruled for him, then only the government could appeal the decision to the Supreme Court. Lets face it, Emerson himself is inconsequential to this entire effort. He is simply the vehicle to get this issue through the courts. Ruling against him allows him (really the NRA, etc.) to also appeal this case to the Supreme Court. Remember, the goal here is to get the Supreme Court to rule on this issue as an individual right, and then all of the other Circuits must follow.
Personally, I think that the Supreme Court will have a difficult time supporting the collective rights approach and will have to find an individual right.