Wi-Fi Direct is a peer-to-peer specification that allows devices certified for Wi-Fi Direct to exchange data without an Internet connection or a wireless router. Wi-Fi Direct will provide essentially the same service to end users that Bluetooth does, but it is faster and allows devices to be farther apart when communicating.
Wi-Fi Direct is based on the IEEE 802.11 family of standards for wireless local area network (WLAN) operation. Products that receive the certification will be designated "Wi-Fi CERTIFIED Wi-Fi Direct."
The Wi-Fi Alliance provides more information about Wi-Fi Direct in its press release.
Steven Sande explains why Wi-Fi Direct will compete with Bluetooth in "Wi-Fi Direct to bring secure peer-to-peer networking in 2010."