It does charge your battery, yes. I purchased this from Staples awhile ago, and it was the PA350u. The PA375u just has different powertips, so even if it was, you can still use it. In fact, the PA375u is for Dell, HP, Sony, Apple, Gateway, Fujitsu, Panasonic and Sharp, so there's a possibility you won't even need to order a powertip.
It's kind of funny, the Targus Auto/Air adaptor is a lot smaller and lighter than the Dell AC brick, about the size of the Compaq or the HP ultraslim one. Makes me almost want to get the Targus DC adaptor to replace the Dell unit.