Translated from Japanese : GP2Y0E03 being used with Arduino.

This page clears up a bit of confusion I had. On the datasheet for the GP2Y0E03, there is a schematic with a various components on the exterior of a black bounding box. I initially assumed that I needed to add these components myself. It appears that I do not.

It does show that i have to use a logic level converter in order to shift the level from 3.3 to 5V and back for the I2C connection to work. I've never used I2C before so I'm glad I discovered this now. I've ordered a logic level converter from adafruit which I will add to the components list.