Charge battery when USB powered. Power circuit using latching switch otherwise.

[joseph.anand]

I'm working on modifying the power supply portion of a project of mine. This is a strictly battery powered circuit. I was earlier using a 3S lipo battery (11.1v) for powering my circuit and using a 3way switch to switch between charging, power off and power on modes. I now plan to operate from a single lipo cell and step up the the power using a DC-DC boost converter (which I have tested). I however would like to use a soft-latching switch to power the circuit and switch to charging mode when USB power is present. I will be using a microcontroller to take care of sensing the voltages on the USB and battery and automatically decide which mode  to enable. I also will be using a dedicated lipo battery charger ic. I just want to ask here is using schottky diodes an elegant enough way to handle this dual supply. I did look at a power mux ic's blockg diagram from TI and they seem to be doing the same. The battery will be connected to the supply a soft latching circuit and then a schottky to the microcontroller's power supply while the VUSB power will be connected to the uC's power supply via the schottky only. The microcontroller handle's voltages from 2.4-5.5 (a pic16f1xxx series) so I do not think there is a need for a voltage regulator. Any ideas/suggestions for this.

Basically the modes will be as follows
VUSB      LATCHSW      MODE
-------------------------------
OFF          OFF                OFF
ON           X                    CHARGE
OFF           LATCHED      ON