Current...
The current draw of the clock, data and select lines is negligible, so the RFM12B doesn't really change the voltage created by the divider.
With the power connection however, the current demand will vary, which will change the balance of the resistor divider and cause the voltage to change. This could cause the RFM12B to crash/lock. A proper regulator will keep the voltage constant.
I'll try to draw an ASCII picture...
5v source ---[ R1 ]---+---[ R2 ]--+- GND
| |
+--RFM12B---+
Without the RFM12B in circuit, to divide the 5v down to 3.3v you just need R1 to be just under half the value of R2. You want the highest values of R1 and R2 you can get away with to keep the current demand on the 5v source to a minimum.
As soon as you add in the RFM12B, some current will go through the radio module. With the data/clock/select lines this current is tiny, so doesn't really change anything. With power however, it has the effect of reducing the resistance of the R2 side of the divider, this will cause the voltage drop across R1 to increase, and across R2 to decrease, and the RFM12B suddenly doesn't have 3.3v to run from, it will have dropped. How much will depend on the resistances chosen and the current draw of the RFM12B at that moment.