This has been a great thread, and thanks to Dusi for starting it.
KJ has added some great insight re the grid, and its vulnerabilities. Although I agree that there is an emerging risk of a "grid crash" sometime in the future, I do not agree that it means that power will go off forever after the fact.
More likely we will see segments of the grid decoupling from the whole. Some segments will be down, and remain down. Others will decouple from the super high voltage lines, and go regional.
Getting into some details, and hopefully KJ will chime in here, power transmission occurs in voltage tiers. In simple terms voltage times current equals watts (which is the basic measure of power), and when you are moving power over distance you want voltage as high as possible because current is limited by the diameter of the wires. Voltage is only limited by its ability to jump to ground. The highest level is almost a million volts today. Think of voltage as water pressure. The higher the pressure the more flow you can get, but if it gets too high the pipes burst. (lightning!)
Your household voltage is 220 volts (nominal... 208 to 240... detail gets into delta wye transformation which gets way too gritty for this forum)
Next up the line is 480 3 phase, which is what you find in industrial buildings, and many large buildings. (Canada is 575 volts). One "leg" (a single segment of three phase referenced to ground) of this makes 277 volts, which is used for lighting... more detail.
Then you get 4800 and 7600 volt transmission lines.
It keeps multiplying above that.18000 volts, then 180000 volts, then a half million volts or so. Generally speaking the bigger the towers and the longer the connecting insulators, the higher the voltage.
in order to connect the grid together, each distribution node needs to be synchronized exactly with all the rest. Synchronization is a difficult and highly technical process.
If the grid goes down though, it is very possible for smaller generators to power segments of the grid, by "simply" decoupling key transmission points.
KJ, your turn.

I'm done for now.
anyone want to hear about three phase generators and rotating field theory?... I thought not.

ps: three phase rotating electromagnetic fields are amazing. Just amazing. Seriously. The math isn't even that hard. A little algebra and trig, combined into a little vector analysis, and you are good to go.
Stop filling dumpsters, as much as you possibly can, and everything will get better.
Just think it through.
It's not hard to do.