Sterndrive, outdrive, Z drive, I/O, inboard/Outdrive all = Engine at the rear of the boat and a drive unit which pass through the transom much like this :
A sterndrive is not as effcient as a shaft drive (be it direct drive or V drive) aswell as not as good at holding speed and the drive unit itself will affect the wake quality but sterndrives have much better manoeuvrability especially at low speeds, they have the abilility to trim the engine up to alter wake size/shape, alter the angle at which the boat runs and to allow them to run in shallower water,
A shaft direct drive has the engine in the centre of the boat and has the prop located about 18" inwards from the stern. This configuration gives excellent handling, optimum balance, lower overall draft, increased safety and better efficiency. Its mostly used for tournament ski boats but there are wakeboats in the config.
A shaft V drive is the type i have and is the prefered choice for wakeboats. It puts the engine at the back to give the best wake size but still allows for a prop underneath the boat giving all the advantages of the direct drive but with more interior space.
Running a direct drive or v drive in coastal tidal waters is not for the faint hearted though. Make a mistake like running aground and without the ability to raise the drive unit you will be stuck till the tide floats you off as the running gear under the boat will act like an anchor and stop you sliding the boat free. Trust me on this one, been there done that!