Short answer, yes it will work great. For some more info:
"The device is powered by 5v micro USB. Exactly how much current (mA) the Raspberry Pi requires is dependent on what you hook up to it. We have found that purchasing a 1.2A (1200mA) power supply from a reputable retailer will provide you with ample power to run your Raspberry Pi for most applications, though you may want to get a 2.5A (2500mA) if you want to use all 4 USB ports on the Model B without using an external powered USB hub.
Typically, the model B uses between 700-1000mA depending on what peripherals are connected, the Model B+ has slightly more efficient power circuits as well as more available USB ports and can use between 600-2000mA, and the model A can use as little as 500mA with no peripherals attached. The maximum power the Raspberry Pi Model A and B can use is 1 Amp, so if you need to connect a USB device that will take the power requirements of the Raspberry Pi above 1 Amp then you must connect it to an externally powered USB hub. Alternatively, the maximum power the Model B+ can use is 2 Amps before needing to connect devices to an externally powered USB hub. " -www.raspberrypi.org
Time on the battery is dependent on how much current you draw. You can use
battery time = amp-hours / drawn-current draw to find the total time the battery will last, which in the case of no extra peripherals (such as usb devices) you would have about 16 hours.