Update:
Hardware complete. Added a locking push to make switch for the power, and 2 momentary push to make for Shutdown and Reset / Wake.
What this means: If the shutdown button is pressed while power switch is still in the "ON" position, the machine will perform a clean shutdown, however, there will still be power to the board (unless power switch in the "OFF" position), as indicated by a small 3.3v LED on the raspberry pi. While the pi is in this sort of "Sleep" mode, the Reset/Wake button can be pressed to boot the machine again.
These buttons have been added to make it easier for the novice user to shutdown and reboot their raspberry pi cleanly, as to avoid SD card corruption. The machine can also be shutdown cleanly from the attached controller.
"It's time to kick ass and chew bubble-gum.... and I'm all out of gum!"