Yeah, they switched me over to direct payments at the end of August. It has been pretty seemless as far as impact to my financials.
The upside was no more PayPal fees.
They do daily deposits Mon-Fri straight to my bank account, the funds show up in 24hrs. Sales from over the weekend are usually in my bank account on Wednesday morning.
Downside seems to be when a buyer has an issue that they report, eBay automatically puts those funds on hold (there have been a lot of delayed shipments since the beginning of December thanks to the USPS, and buyers have taken it up with eBay even though they have a tracking number.)
I still think one of my projects this year will be to set up a dedicated webstore and ween myself off of eBay as my primary storefront. It is great for exposure and I will still use it to advertise new stuff, but the fees still add up and I could get a wider selection out for sale without having to worry about listing thresholds and other fees.