Those diodes are called flyback diodes. FETS are very sensative to over voltage/over current conditions. Inductors and/or capacitors can easilty cause overvolt/overcurrent contitions when switched thus those flybacks are installed to give the excess current a path to ground or back to the source.
FETS are used because you can control the on/off time of the fet thus control the voltage output. Just using a diode will result in a predictible output; however, the magnitude of the output voltage will always be the same--or you'd have to set up a voltage divider circuit which consumes current and produces excess heat. That circuit is one of the many switching power supply circuits floating around. When the FET is switched of, no current flows (no excess heat generated). When the FET is on current flows but the FET consumes very little power (FETS have an on resistance in the ohm to milliohm range usually, 1ohm or less). Basically that circuit is very efficient at controlling the magnitude of the voltage output.
Well, hope this helped.