I have Creo Direct and have used it. It's a pretty powerful tool. It will be much more powerful when incorporated into Creo fully. I like their library as well but don't like the way it works in that it's not very easy to incorporate modifications like your own part numbers, vendor, etc. It's better using as a bulk part type library.
The modeling is something I've really been waiting for but, it doesn't eliminate the need for the Creo way of doing things completely. Both methods would be ideal.