I've read that up to 50% of the dry yeast can die if you direct pitch. I've also read that a pitch of yeast will double in about 90 minutes. To me that means that if I dry pitch it will delay the onset of fermentation by about 90 minutes, inconsequential when I expect the beer to be in the fermenter for 10 to 20 days.
According to Ray Daniels- (Designing Great Beers ,Ch12, Yeast and Fermentation ,page 118 )
"Most of the foil packets of dry yeast sold for home brewing contain 7 grams of yeast ,and some contain as much as 14 grams. I counted a sample recently and found 20 billion cells per gram of dried yeast material. Thus , a 7-gram packet should deliver 140 billion yeast cells ,which is just about right for a 5 gallon batch "
I try to use the 11.5g packets myself .Thats 230 billion yeast cells... Plenty of yeast there , even if 50% die still leaves you with 115 billion cells. More than plenty for a 5 gallon batch. He states that 10-20 billion yeast cells ,even though a "reduced rate" is an achievable "home brew pitching rate" . Well, by those numbers, I have 10x that already, even at the 50% dead. If your rate of doubling is correct, They'll regrow back to full force in 90 minutes anyway ,right?
He goes on in a later paragraph that counting cells in the average sample of a Wyeast liquid ,after the package has expanded (a smack pack ,hes speaking of here) only has 2.5 billion cells and after several other packages were counted , he found as little as only 1 billion cells.
Also , if one were to try to make a starter from liquid or slant , the amount to be pitched would be almost 1.2 GALLONS to as much as 3 GALLONS to achieve the
commercial pitching rate for just a 5 gallon batch. AND take up to a week to achieve those amounts.
Daniels- Pg 119."The richest source of yeast for pitching is the bottom of your fermenter. If you can arrange to brew every few weeks ,you can repitch the yeast from a prior batch and meet the commercial pitching rates with no problem"
For me- I don't brew the same beer consecutively , nor do I use the same yeast or I would surely use this method given that the yeast during its consecutive work schedules, don't change (evolve/morph). I'll keep the money needed to buy a starter ,stir-plate, flasks, etc and continue to pitch my 11.5 g dry yeast, lose 50% and still be done fermenting by the time a starter can be grown. STILL, I still save the yeast cake from my fermenter . As my brewing experience progresses, I may actually use one .
YMMV