It seems this is a problem with distribution repackaging of the driver. I tried versions 195.36.15 and 195.36.24 on Ubuntu 10.04, and glxinfo run through BuGLe reported direct rendering capability. This was with drivers installed through NVIDIA's installer, as available on the website at http://www.nvidia.com/object/unix.html
When I uninstalled the driver and reinstalled the Ubuntu packaged version, I saw the same problem that you did: glxinfo run through BuGLe reported indirect rendering.
The Ubuntu packaged version has many files relocated; it's possible this is causing BuGLe to be unable to use direct rendering.