Parag,
I'm not a very good chess player, but I have used photoreading to activate books on chess to try to improve my game.
My experience was I was able to get through the book rather quickly, but you still need to play out the moves.
For example, in one chapter about forking, there is no way I'd be able to remember all the series of moves unless I physically had a chessboard in front of me and did them over and over again from similar situations.
I would suspect the results might differ a little bit if you were to try Direct Learning with some books that actually just listed the moves of champions in different games. It could work, though I haven't tried it.
I also do martial arts, and if it's one thing I learned from it, in order to get better you really just have to spar with someone. It's the same opinion I have with chess.
Basically, DLing some stuff on chess or PRing and activating chess material is probably beneficial, but I don't think it could replace spending a similar amount of time playing chess against someone else.
-Ramon