MOSFET as switch and power monitor

@ what fungus said your power loss is more with the P channel then the N channel.

Only if you select the incorrect P channel mosfet.

My choice:
http://www.fairchildsemi.com/ds/FQ/FQP47P06.pdf
Rds = 0.026 Ohms @ -10v Vgs

Your choice:

Rds = 0.035 Ohms @ 10v Vgs

Both require 10v gate to operate at that Rds, so you really need a driver for both.