Technically the US Government would adopt rules that require switch manufacturers to include features that would allow the government to assume control in an 'emergency'. Phone companies are required to keep call logs and allow wiretaps, it would extend the same model. In normal day to day operation there would be no filtering. Or maybe only the filtering that the MPAA requested. If the authorities ever felt threatened in a way that was construed as 'national security' they would kick in their control. They would not do a complete shutdown like Egypt, in all likelihood. They might route all DNS requests to servers they controlled and you would get 404 messages to sites you visit that are being taken off-line. Stuff like that.
Right now, no - they don't have that control, but if they require it in the infrastructure it will go in without a whiff of protest from the manufacturers. They would see increased sales and price rises. And the Iranians would be happy because they could upgrade, too, and take advantage of easier friendlier control of information.
The real point for me is something I heard Steven Breyer say once on a roundtable discussion. "The first thing I ask when someone wants to hide information is 'Why?'" Basically, if the government - ours or Egypt's or any other - feels it needs to take control of information to keep control of its citizenry it is almost by definition admitting its own illegitimacy.