No it does not, it was one of the tools taken out. It does have a much improved Browse host feature though it's called something else. And it has a Friends share option which is more or less the replacement for Direct Connect. You would need to add the person as a friend to direct connect to them. I've never used this function, so I cannot explain any more. All I know is you can list a different set of files to share to a 'friend'.
More on Browse Host here http://www.gnutellaforums.com/limewi...tml#post339648