No, 5V is just fine. USB is the question mark. The "spec" isn't enough to charge something like an iPad in a reasonable amount of time. Even a cell phone is really pushing it at a half amp.
It's not an "implementation of a handshake" at all. The decision about how to charge is made by sensing resistors on the device. If they're not there, the normal USB handshake goes on. Of course, USB limits the charge to .5A. Some *chargers* don't like the load up to that point.
It's done all the time but only if this is a requirement of the charger. MicroChip has some interesting solutions for this.