Reference design for the latching switch with momentary pushbutton
Seems like a silly and overly-complex choice for a production design. The micro alone should be capable of doing this- the MSP430 that TI is trying to flog is known to be particularly low power in sleep mode. So you wake up on the button push and do the toggle.

Sometimes in simple consumer products an ASIC is used (for example, bicycle lights) or a very simple micro (for example the PIC10F222 used in vibrating shavers). 

If you want to play around with the TI circuit I suggest a resistor (eg. 1K) in series with the inverter input. The 100nF cap on the D FF output to ground is cruel and unusual punishment for the output transistors- possibly added because something is marginal- such as very noisy power supply rail.