I've just done my direct access and as simon_g says, the only part I had to take time off work for was module 2 of the test, the road ride. I didn't really see the point in doing the restricted test beacause I found riding a 500cc easier.
I did hear that they are going to change the test requirements again soon. The first change is minor and I think will be incorporated this year. When you are out on the Mod 2 test the examiner will tell you to follow directions to such and such a place rather than telling you to turn left, right etc.
I believe they are also talking about introducing another level of testing. You will still have the CBT and restricted licence but there will be an intermediate licence for mid range bikes and then the full licence. Also in order to qualify for the full licence the bike you take the test on will have to be 650cc or more.