That does seem to work - the devices reconnect when they're again physically used. Does Apple specify the low-power battery consumption info on their specs pages? I'm using NUMH batteries, but the less often I have to swap them out, the better.
The low power mode is mentioned in
this KB article. As for the rechargeable, I've found that the low battery alert for the trackpad is just really off. I get nearly a month of runtime after OS X warns me the batteries are low. I now only swap them when the device actually dies due to no power, instead of relying on the alerts from the OS. That reminds me, I should go file a bug to see if they will correct the power meter somehow to read the rechargeable properly.
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