Hi,
the 4k7 resistor shapes the weak signal to better ttl-levels, on sio-highspeeds it is very recommend!
Because the SD-Cards are mostly 3.3V types there must be a level-conversation from TTL (5V) to 3.3V.
That is what the 74LVC125 does!
The earlier used 74HC245 runs the sd-card with overvoltage, about 4.2V instead of 3.3V.
deeply measurements brought me to that result, to use a level-shifter and make the sio2sd a little bit better :-)