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Because the Arduino (and Basic Stamp) are 5V devices, and most modern sensors, displays, flash cards and modes are 3.3V-only, many makers find that they need to perform level shifting/conversion to protect the 3.3V device from 5V.
This breakout has 4 BSS138 FETs with 10K pullups. It works down to 1.8V on the low side, and up to 10V on the high side. The 10K's do make the interface a little more sluggish than using a TXB0108 or 74LVC245 so we suggest checking those out if you need high-speed transfer.
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Dimensions: 2.2 CM x 1.75 CM