I've been using a mosfet rectifier for many years with my dynamo powered LED headlight. Very handy circuit, but it might be hard to justify the cost of the mosfets in a commercial application.
In this application, a schottky diode has to be added because the mosfet rectifier can't tolerate having a charged cap at the output when the dynamo is stopped. I think I would have just used schottky diodes in a conventional bridge rectifier, and accepted the additional 0.4v drop while saving the cost and space of the mosfets. (just a personal choice.. not saying either one is right or wrong)
This sort of design, i.e. a series regulator, has some difficulties when used with a dynamo. As the author notes, a dynamo can put out 100v when unloaded (I've verified this with my Schmidt). When the battery is fully charged, the dynamo is effectively unloaded, so the circuit has to protect itself.
One way to protect the circuit is to design it to tolerate voltages of 100v or more. i.e. use components rated for 100v. This gets expensive and the parts get large.
The other alternative, which the author uses, is add a shunt regulator at the input of the circuit. That's what the two 1N5343 zeners are for. They will clamp the dynamo output to about 8v or so. The downside is that means that the dynamo's output of 0.5A is clamped at 8v, which means that 4 watts are being dissipated.
So... the design now consists of a shunt regulator that provides coarse regulation, followed by a series regulator that provides a fairly precise regulation.
I've set up battery charging circuits for dynamos before, and I just designed a shunt regulator that could provide a fairly good regulation. This is what I did for charging a nicad battery:
http://phred.org/~alex/pictures/bikes/bikecurrent/bbcr_schem.pdf
To generate a good 5v output, I would suggest changing the zener to a precision voltage reference such as the LM4041.
The advantages of this circuit over the circuit with the LDO regulator are reduced cost, reduced board space, and reduced power dissipation.
It does surprise me a bit that this has become a popular subject again. Must be due to so many gadgets that can be charged from a USB port. It's nice to see that sort of standardization again.
regards,
Steve K.