Thanks for the input guys. But as a beginner, i dont really understand what a breakout board does. I understand that it is a board that stacks on top of the arduino and allows u to connect the various sensors more easily and neatly.
Let me clear something up: Technically, a breakout board is a board designed to route signal and other lines in a manner that makes the underlying system easier to interface with; in this case, the board groups things together for the sensors. It doesn't necessarily stack on top of the Arduino (ie, as a shield); though in this case it does. A breakout board can also be used, for instance, to allow you to easily use a part that might be otherwise difficult to use, especially in prototyping; for instance, an SMT IC or similar, to bring the tightly spaced pins out to wider spaced 0.1 inch pins, to fit in a breadboard, or be more easily soldered to. If you notice, by those definitions - the entire Arduino board is a "breakout" board (for the ATMega).
So, does using jumper wires to the respective pinholes mean that i can get rid of the shield entirely?
Yes. In the case of this board, you should follow the schematic given for it for the hookup (ie, there were a ton of capacitors on the analog IO lines for some of the sensors - they are probably needed for noise supression, etc - so they should be included).