Why not a voltage selector on the Arduino board?

Yep. But as far as the original topic of this thread is concerned:

My home brew boards all have jumpers to select Vdd = 5V or 3.3V. I've been running 328's
at 3.3V and 16 Mhz fine for year now, but all the guys say wait till next year, ya never know.
[just do it, it'll work fine - famous last words, I hope].