Operating atmega328 at 3.3volts, rather than 5v ?

Since SD cards operate at 3.3v, I would like to be able to connect an arduino directly to a card without using a voltage divider.
I'm not sure what MIPS stands for. Frequency of operation? Something to do with baud rate?

I know that there are 3.3v arduino boards for sale, now. (SparkFun has an arduino w/atmega328, which operates at 3.3v)

I have the makins' for an RBBB from: ([u]http://www.moderndevice.com/products/rbbb-pcb[/u]), minus the atmega168 or 328. I am also able to burn an arduino bootloader on one, but I am not sure if I could just use a 3.3v regulator or a five volter.

PO'T