I think Directory should be moved back to the main navbar and not be a drop down link under 'Community'.
I think it would make it much more noticeable and therefore a lot more beneficial to premium members who use the feature. (ie, will get them more exposure) I agree with the OP's suggestion.
I agree with this also gives us non premium members a easier way to see what premium member sites look like. It would probably encourage more members to go premium as well.