Nope. That's the utilities' old vision still being rolled out. But the more comprehensive Smart Grid being developed under the auspices of NIST per the Energy Independence & Security Act of 2007 is converging on a somewhat different direction.
"Cut your demand" (emergency) will still be a part of it, but more likely they will convey price over time and let you, the consumer, decide how to respond. It may be as simple as a "Home Energy Manager" box with a three-way switch: "Save all I can" / "Typical savings" / "I'll pay whatever."
Communicating thermostats are a "solution" very likely to create a sizable backlash.
Here in S FL (Ft. Lauderdale burbs) they forced the SMs on our houses.
Fortunately our homes are cement block and the signal is greatly attenuated by cement.