No, the dynamic dispatch is still there (calls still route through objc_msgSend). And this option doesn't introduce any difference currently with x86(-64). 
From http://developer.apple.com/legacy/mac/library/documentation/DeveloperTools/gcc-3.3/gcc/Objective_002dC-Dialect-Options.html:
  For some functions (such as objc_msgSend) called very frequently by Objective-C programs, special entry points exist in high memory that may be jumped to directly (e.g., via the "bla" instruction on the PowerPC) for improved performance. The fobjc-direct-dispatch option will cause such jumps to be generated. This option is only available in conjunction with the NeXT runtime; furthermore, programs built with the -fobjc-direct-dispatch option will only run on Mac OS X 10.4 (Tiger) or later systems.