That's a pretty handy regulator! It looks like it will do the trick. Remember to turn your device off, though, as its quiescent current is quite high (in the mA's).Attached is my attempt at a block diagram.
The regulator I am considering is here. Your opinion would be appreciated.
AA's are 1.5V charged, discharge between about 1V and 1.1V: http://data.energizer.com/SearchResult.aspx . I would say that using 4xAA's, you could drain them all to 1.1V each, which is basically dead, and still replace them 1 at a time and maintain your 5V or 12V desired output (the regulator would boost the 3.3V). Let's crunch some numbers...
The most power you could pull from your specs and this regulator is either 103mA at 12V (1.24W), or 248mA at 5V (1.24W), both corresponding to maximum currents at those output voltages for 3.3V input voltage. The regulator won't accept more than 500mA input, so let's see what the battery drop is. The max IR is around 300mohm for Energizer, but lets say you're using a cheap brand that has 400mohm, which makes its voltage drop by \(500mA \times 400m\Omega = 0.2V\) per battery. The actual input is then \(3V-3\times 0.2V = 2.7V\), which is still 0.2V above the regulator minimum.
Now let's see what you can do with fresh batteries, or 6V. Looking at the "5V in" table you could output 156mA at 12V (1.87W) or 375mA at 5V (1.88W). The 12V output current is limited by the 500mA input restriction, corresponding again to battery drop of 0.2V; the 5V output current is limited by the conversion efficiency and thus an input of 500mA, for another 0.2V battery drop. The battery output is actually \(6V-3\times 0.2V = 5.4V\), which really doesn't make a difference.
Now let's compare the performance of this regulator against that of a LDO regulator, like the LT3080, which has a dropout of 350mV. First, you won't get 12V with a linear regulator. Second, you are not able to "hot swap" one of 4 AA's -- you would need to use at least 5. With 5 batteries, you can drain them to about \((5V+350mV)/4=1.34V\) before having to swap one out, which doesn't give much run time. With 6 batteries, you can drain them to 1.07V each, which is basically dead, so let's use 6 batteries. Matching the available output power with the switching regulator, 1.88W to 1.24W, the LDO will pull \(1.88W \times 9V/5V = 3.38W\) (56% efficiency; 375mA) to \(1.24W \times 5.35V/5V = 1.33W\) (93% efficiency; 248mA) from the batteries. If the load follows this power curve, the batteries will last about 2.5 hours (look at "Constant Current Performance: Typical Characteristics" and interpolate). The switching regulator (SwR.) will pull \(1.88W / 75% = 251W\) (75% efficiency; 500mA) to [/tex]1.24W / 70% = 1.77W[/tex] (70% efficiency; 500mA) from the batteries. With the same power curve, they will last about 1.5 hours. Now compare a 1W load, or 200mA at 5V. The LDO follows the "Constant Current Performance" line, allowing 6 to 7 hours of use. The SwR. follows the "Constant Power Performance" line, pulling \(1W / 75% = 1.33W\) or 222mW per battery, which allows 7 to 8 hours of use.
So why'd I go through all this math? 'Cause you really won't know what battery solution is best until you crank out the numbers. When looking for a power solution for your widget, you often have an Excel spreadsheet that you've setup to calculate most of this stuff for you. As you can see the load makes a big difference: in one case the LDO was better, in another the SwR. was better. If you are using less than 1W loads or want 12V output, use the SwR.; if you are using more than 1W loads or want more than 500mA, use the LDO.
Extra battery calculations for 1W load and 4 batteries: \(1W / 75% / 4 = 333mW\) per battery, resulting in about 2 hours of battery life.