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@DrAzzy
@Gordon - according to the datasheet, the MCP1703T is not as good as you're suggesting... The limit is power dissipation from the SOT-23 package.
See pages 13 and 14, about the power dissipation calculations... Running off USB, taking 4.7v, bringing it down to 3.3 (ie, dropping 1.4v), well, let's do the example at 25C ambient...
SOT-23A (336.0°C/Watt = RθJA)
PD(MAX) = (125°C - 25°C) / 336°C/W
PD(MAX) = 297 milli-Watts (let's call it 300)
300mW / 1.4v = 213 mA
So even just running off USB, it's not rated for 250mA continuous...