Lately I have been pitching a lot of dry yeast directly into 80-90 degree wort, without rehydrating. It has shortened the lag time considerable (I think--hard to be sure about these things based on a few batches).
Here's my rationale:
1. My well water is warm. The old immersion chiller pretty much quits at 85, but that is well under the temp limit for my better bottles.
2. I hate re-hydrating yeast. It seems like a big chance for infection to me, and it is a pain. Plus half the old timers on this forum never do it at all.
3. The yeast companies' instructions for re-hydrating specify the use of really warm water or wort, followed by pitching the warm slurry into your cool batch. So the sudden temperature drop must not stun the little critters much at all--and in my wort, the temp falls much more gradually from 85 down to 65 (or whatever).
4. Right after siphoning the 85-deg wort into my better bottles, and right before sprinkling the yeast, the fermenters go into a circulating water fermentation chiller. There are a few threads around about these things. It is complex and home-made, but it's what you do if you have no room for another chest freezer. I can control the temp of the fermenting beer to within a degree F or so, and the temp drops from 85 to 65 (or whatever) pretty fast, and without overshooting, thanks to the superior heat-transfer characteristics of circulating water. I would rather have a freezer for simplicity, but I have no more room.
It works for me. As long as you can get the beer down to fermentation temp in 4 or 5 hours, i think pitching warm is just fine for most yeast--if you pitch enough. It may even make rehydrating unnecessary.