Arduino library for WTV020-SD-16P audio module

Apologies if this has already been mentioned, but with the module dated 2012.01.12 what does the 5V/3.3V solder jumper on the module actually do?
I understand that this module works best with about 3.6V, and that two IN4007 diodes can be used in series to bump 5V down to around that. If I solder the jumper over to 5V would these two external diodes still be needed? Or are they included on the module now?