Driving 1W Led's

Ive noticed a number of posts looking for information on driving 1W leds (3W RGB leds). I found this circuit board on Deal Extreme. It is a 350mA constant current sink. Less than a dollar per board. Looks just about perfect from what I can see. http://www.dealextreme.com/details.dx/sku.3160

For a 3W RGB Common Anode LED’s that have the following specs:
?Red: 2.5V ~ 3.0V, 350mA
?Green: 3.2V ~ 3.8V, 350mA
?Blue: 3.2V ~ 3.8V, 350mA

Would I connect the anode of the RGB LED to +5V from arduino, and the cathodes of each color to the OUT pin on the AMC7135 and also connect the 5V from arduino to VDD of the AMC7135 and ground of AMC7135 to ground of arduino?

Here is the data sheet for the AMC7135. http://www.micro-bridge.com/AMC7135.asp