Do I really need a level-shifter if I use 5 V-powered devices on an I2C-bus that has pull-ups to 3.3 V?
In my understanding the devices will only pull the lines (SDA, SCL) low (to ground) and never drive their supply-voltage to the bus. So I don't see a reason for a level-shifter as long as all devices detect the voltage from the pull-ups (3.3 V) as logical high. That should be the case with devices using 5 V as supply.
In my case I have an IC whose inputs are not 5 V-tolerant as master and I could power my slaves with 3.3 V but using 5 V is easier in my circuit and allows higher (internal) clock-rates for the slaves.

– Jannis Jul 05 '12 at 10:50No chip is in danger when using devices with 5V as Vdd on a I2C-bus using pull-ups to 3.3V
It may or may not work, depending on tolerances, internal chip design, ...