"One of the nice features of this board is a jumper on the back of the board that allows the board to be configured to either 3.3V or 5V (both power output and IO level); This board ship default to 5V, but you can cut the default trace and add a solder jumper if you need to switch to 3.3V"
Could it be that easy? (not trying to be sarcastic but weary of anything that easy)
Yes there are, but this isn't one of them. In this case there's a little copper bridge between the middle and 5V pad. Cut that, then solder between middle and 3.3V pad.
IIRC, the jumper just connects either 5V or 3V3OUT to the VCCIO pin. This just changes the supply voltage for the output drivers, allowing for different voltage levels at its outputs.
FT232R datasheet: p.7, §3.2: SSOP Package Pin Out Description:
+1.8V to +5.25V supply to the UART Interface and CBUS group pins (1...3, 5, 6, 9...14, 22, 23). In USB bus powered designs connect this pin to 3V3OUT pin to drive out at +3.3V levels, or connect to VCC to drive out at 5V CMOS level. This pin can also be supplied with an external +1.8V to +2.8V supply in order to drive outputs at lower levels. It should be noted that in this case this supply should originate from the same source as the supply to VCC. This means that in bus powered designs a regulator which is supplied by the +5V on the USB bus should be used.