AoM can work with direct IP, IF all players are using real IPs. If any one player uses NAT, you can't use this option and would have to use GIT.
After a lot of experimenting, I found that every player must use NAT and ONLY NAT! you cannot have any other real IPs bound to your NIC or it fails!
You also must forward ARP or you can't even find the game.
Also, if you make any connection over TCP, the game lags to no end, so you must forward over UDP and open port 213 through every single person's NAT box.
Other then that, if you forward UDP ports 2299-2300 and check Also Match Source Port and Don't Send Routable, it works very well.
Its just sorta annoying for the users with real IPs to have to go disable them and use NAT in order to play with the people that have to use NAT.