The only thing that concerns me a bit is that per the datasheet the mosfet's threshold voltage is typically 1.7V, with a max of 2V. But that's where it just begins to conduct. So the 1.93V actual G/S voltage might not turn on the mosfet enough. But you could adjust the value of R102 so the gate voltage is just a bit lower - maybe 0.1V lower so the mosfet would still be off when there's no 5V source, but more fully on when there is. Maybe change R102 to 330K.
But looking at it the other way, if you could be sure that nothing would ever be connected to the 5V input that isn't powered up and therefore might sink current, you could eliminate R102 and R2, and just tie that gate to ground. Then 3.1V would be measurable at the 5V pins, but no current would flow. In other words, would it be ok if that mosfet is always on?
And actually, you don't need R101. The gate is going to be either at ground or at 5V, so the resistor doesn't really do anything in either case. But you do need those ground connections.
I would be interested in whether this circuit could be used with LIPO batteries at 4.2V, and with much higher current and much lower Rds(on). Seems like it could work with the R102/R2 divider adjusted appropriately.