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By jmb
In another project, I've placed a V_REG_LDOSMD in the same configuration as the MIC5305 on the OpenLog board, and Eagle's Erc has thrown an error.

I'd wondered why the BP pin was o/c, and indeed the Erc expects it to be an input. According to the Typical Application on page 1 of the MIC5305 device spec this pin (BYP - bypass) should go via a 0.1uF to GND. Looks like the schematic of OpenLog may have mistakenly connected this cap to Vout along with the 1uF that should be there. This seems to be in both the PDF and the Eagle SCH file.

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By sparky
Good eyes, but we use the MIC5205 : Cbyp is used only for low-noise operation. The MIC5205 is already very low noise. The extra bypass decoupling would be needed if we were doing sensitive ADC readings, etc.