I usually start compiz by typing this into the console:
compiz --replace ccp &
It always fell back to Indirect Rendering but if I added --no-libgl-fallback it went away. Both ways worked perfectly and I didn't see any difference.

With the new driver it crashes/gives up with both. I even tried to enter it exactly like yours and it still doesn't work.

By the way, what does the export __GL_YIELD="NOTHING" do?