Hi - thanks for the replies (and corrections - you can tell I don't do this every day) - have corrected cathode and anode issue as to where voltage source comes from!
Very cool, so basically the higher voltage will always win...interesting that a fallback can be implemented so easily if one power source fails...
Can anyone elaborate quickly how this would be done with a MOSFET....and why?
Just to throw a spanner in the works...what if both sources are the same voltage (and each from a different source - is this a state of Equilibrium [zero bias] - I presume that in the real world voltage fluctuations between the two will mean one will always win...)?
Thanks to Chris for saying why the higher will always win ("bottom diode will always be reverse-biased" - or is there more to it all).

Thanks to Harold for a concise explanation! Sorry for all the edits but I'm just getting my head round all this
Thanks!