3.3V Sensors for I2C with Mega 2560 Rev 3

CrossRoads:
Or use a part like this

http://www.ti.com/lit/ds/symlink/tca9543a.pdf

Isn't this essentially just a multiplexer like this one TCA9548A I2C Multiplexer : ID 2717 : $6.95 : Adafruit Industries, Unique & fun DIY electronics and kits, so wouldn't it still require the sensors to be 5V compliant in order to work correctly? Also with this, can't you only read in one clock and data line at a time or can you read in multiple busses with this?

Would you recommend using a multiplexer, or a level shifter, or just switching to a due and not having to worry about either of them.