Directory submission is still one of the best methods in SEO for getting better results in most of the search engines as well as getting high traffic to sites. Directory submissions may take time to get better results, but the results obtained lasts..
I have always been a fan of directories and have used directory submission as a strategy to help build link popularity, especially for new sites. However, in the last eight months or so, I have seen many directory pages in which we have listings on become all but useless. They don't pass any link popularity and they drive zero traffic.
Best to make sure that the directories you are submitting to are dedicated directories for your niche and only post high quality content.
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