We generally add bypass caps to temporarily supply power to an IC for various reasons. The only problem with this is that the bypass caps will also supply power to any other ic's and components around them.
By adding a diode in series with the supply voltage in front of the caps when can force the power to be supplied only to the IC. This has the effect of still providing power to the IC and preventing reverse polarity from damaging the IC(theoretically at least).
But conversely they also do not supply power in a broader region which might be beneficial. The diodes also cost more and waste power.
I have a board consisting of many LED's and several constant current LED drivers(with a few other things that are not important for this discussion). I'm trying to determine if I should add the diodes or not. I am bypassing the drivers with several caps from 0.1uF to 1uF(since I need packages of 402 because of placement issues). What I'm thinking is that the LED supply is not as important as the driver supply since if any type of very quick power dips occur the drivers would be potentially reset while the LED's would just get dimmer.
I'm not sure if it all really justifies all the diodes though as it might simply be a waste? The main thing I like about them is that it allows the bypass caps to only bypass the IC's they are designated for and not end up supplying LED's which is not important(or as critical).
But of course it could be wasting the caps since in some circumstances maybe the LED's need more "bypassing" than the IC's yet the diodes prevent this. I will sprinkle some larger caps across the boards for flavor.