Other Parts Discussed in Thread: SN74CB3T3245, PCA9306
The CBT logic family can interface a 5V part of a system with a 3.3V part of a system by adding a diode between the external Vcc and the output-enable terminals.
Please reference application report "Flexible Voltage-Level Translation with CBT Family Devices": http://www.ti.com/lit/scda006 .