In my experience, it is very hard to draw definitive conclusions just based on the concept of belt drive v. conventional (calling conventional transports "direct drive" just sounds odd to me). As to belt drive, I have owned both the CEC TL-1x and the TL-0 (which I currently own). As to conventional transports, I have owned probably a dozen over the (unfortunately now many) years, including (among the high end) the Altis Centauri (really underrated), the Stahl Tek, the Esoteric D1, as well as using a Soulution 541 as a transport.
The sound of the CEC TL0 and TL1x bear very little relation to each other, comparatively, for components from the same house. The TL1x was warm, rich, and a bit fuzzy / lacking in ultimate detail. The TL0 by contrast. is clinical, highly resolving, but definitely less warm. If I can point to any overarching commonality, it would be a stability in the midbass.
Frustratingly, however, I have found myself drawn to belt drive regardless, but damned if I could explain why. So taking your ultimate question, yes, belt drive transports (a very small set of the universe of the transports) can certainly compete with conventional transports. If you pick up a TL0, I highly doubt you will be disappointed.