The SparkFun bi-directional logic level converter is a small device that safely steps down 5V signals to 3.3V AND steps up 3.3V to 5V at the same time. This level converter also works with 2.8V and 1.8V devices. What really separates this Logic level converter from previous versions is that you can successfully set your high and low voltages and step up and down between them safely on the same channel. Each level converter has the capability of converting 4 pins on the high side to 4 pins on the low side with two inputs and two outputs provided for each side.
Resources

Schematic
Eagle Files
Datasheet(BSS138)
Hookup Guide
GitHub
MicroView Digital Compass