There's nos such thing as a "direct" driver. Usually when someone refers to direct-drive in a light, they're referring to the absence of a driver or regulator.
Most direct driven lights use battery combinations, such as 1x Li-ion, 3x Ni-MH, and 3-4x alkaline AA/AAA. Basically, the light source is connected to one or more resistors, to limit current draw from a battery pack (usually to extend runtime, but also to limit current to the emitter to keep the emitter from frying from too much current).
An example of a direct driven light is any common incandescent based light. Basically you have a light source, and batteries. With incandescents, you can tailor bulbs to handle certain amounts of current and voltage, but with LED's, you really can't (as far as voltage is concerned). Most LED's have a rather odd forward voltage ( the energy it takes to light an LED up, as LED's are current driven, not voltage driven, as with incand.) of ~3.7v.
Most battery combinations will not meet this forward voltage, they will be either above or below it, thus necessitating the need for resistors, or drivers. Now, it is easy to fudge a little bit on the voltage front, which is why manufacturers lije Coast/LEDLenser use combinations of 3-4 ALKALINE ONLY batteries in their flashlights. The internal resistance of the alkaline cells automatically limits the current that can be drawn from them, and when pulling anything over 100mA, the voltage sag is bad enough to limit the voltage to the LED, as well...
A lot of people like to do direct drive mods with Li-ion batteries, as the voltage of Li-ions is nominally 3.6v, but when charged, ~4.2v. And good quality Li-ions can handle high current draws without damage or negative side-effects. Which is why they are very popular in high power P7/MC-E/SST 50/90 mods.
--------------------------
Both direct-driven and regulated lights have their individual pro's and con's. One may be appropriate in one situation, and innapropriate in another.
Generally speaking, most direct-driven light state run-time figures from the original output to too-dim-to-use. Most regulated lights state runtime figures from original brightness, to the 50% mark.