What is the implication of supplying power the other way on this circuit?
If you apply power at +5V0 and you have some sort of an overvoltage condition (if the source loses control, or is inadvertently swapped for a 12V supply, etc), the current that will be drawn when the TVS clamps will not pass through the 1.1A fuse. The TVS may survive forever, or for a while, or for a few milliseconds. Once it gives up there's no line of protection left to prevent your downstream components and capacitors.

If you apply power at VBUS and get an overvoltage condition, the TVS clamp current will pass through the fuse. If the TVS, fuse, and source power supply are rated 'correctly', the TVS should be able to draw enough current (and the power supply should be able to provide enough current) to clear the fuse and safely isolate the supply from the load.

Properly placed caps should be close to where they're needed. Small decoupling caps should be near the ICs that need decoupling. Your power connection should 'see' the \$220 \mu F\$ cap before 'seeing' the load in terms of PCB geometry, but this really depends on how the board is laid out.