p-channel mosfet switching circuit

Would the second circuit (please see attached) still work fine if a load such as a camera PCB (like the HackHD camera PCB, http://www.hackhd.com/index.php) was the load, knowing that it runs at 3.7V and about 400mA? Can the Arduino successfully turn it on or off via the mosfet without any issues?

Thanks

circuit2.bmp (262 KB)