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As long as the money hasn't been withdrawn from the market, the market should be able to reverse all the transactions. The problem would be if the BTC or USD were withdrawn from the market before they shut down trading.

the exchange is a central authority, and acts like one.

you can do whatever you want with your bitcoins, but currency exchange is liable to laws and regulations.

as far as i know you're right. there is no infrastructure for rollbacks of any kind.

MtGox != Bitcoin. Transactions on bitcoin network cannot be undone, that is true; however, MtGox will undo the transactions inside their system (buys and sells within MtGox). The only thing that cannot be undone is the withdrawal of 80 stolen BTC from a MtGox account into Bitcoin network.