I played around with this board last night and it seems to be fine reading the I2C bus at 3.3V with no problem. I saw a comment not too long ago on SparkFun about using 3.3V level I2C and the commenter said the Arudino usually has no problem registering 3.3V as a HIGH. Here's someone quoting the datasheet:
VIL
Input Low Voltage, except XTAL1 and RESET pin
Vcc = 1.8V - 2.4V MIN = -0.5 MAX = 0.2Vcc
Vcc = 2.4V - 5.5V MIN = -0.5 MAX = 0.3Vcc
VIH
Input High Voltage, except XTAL1 and RESET pins
Vcc = 1.8V - 2.4V MIN = 0.7Vcc MAX = Vcc+0.5
Vcc = 2.4V - 5.5V MIN = 0.6Vcc MAX = Vcc+0.5
If you were seeing an issue, SparkFun has a little breakout board that converts 3.3V line level to 5V (and vice-versa): https://www.sparkfun.com/products/8745