Has anyone considered the concept of using an EV as a battery storage device as there are a number of the newer EV that will allow this.

My understanding is that this is part of the plan, trade electricity when the grid needs it, return when there is an excess.
Yep, V2G is part of the 'virtual power plant' strategy, which uses a range of 'demand response' techniques to balance supply and demand whilst widening out the ability of more people to participate in the energy market. Most of the stuff done up till now has been with businesses, things like getting Supermarkets to turn their freezers up and down on demand to even out peaks.