Hi Dmitriy,
Yes, its a 3.3V device. Level shifting is not much of an issue now as I am planning to use Adafruit Feather 32u4 Basic Proto : ID 2771 : $19.95 : Adafruit Industries, Unique & fun DIY electronics and kits which is running 3.3V. What options do I have now? and yes I checked out the OE pin option and its perfectly working for Arduino.
Regards,
Rahul.