firstly, a few latex stuff,
use "\left[ \frac{1}{2},\infty \right)" to make the bracket the entire length of the fraction [looks funny the way you have it],
"\to" for the --> arrow,
"\mathbb{R}" for the set of real,
and you also need an "\end{cases}" at the end of your hybrid [otherwise typesetting cracks it and gives you wierd spacing]
You pretty much got everything right, though the convention isn't to write the answer as a hybrid. The answer is not a piecewise function, it rather has two branches. It cannot be expressed with a constraint in terms of x [because x can correspond to up to two y values]. In this case, you have to restrain the domain of the original function so it is one-to-one.
Also, you cannot graph this as a modulus. sketch the graph and compare to the graph of a modulus, they are not the same. =]