As part of the current research work within the US DOE NERI Direct Electricity Conversion (DEC) Project on methods for utilizing direct electricity conversion in nuclear reactors, a detailed study of a Fission Fragment Magnetic Collimator Reactor (FFMCR) has been performed. The FFMCR concept is an advanced DEC system that combines advantageous design solutions proposed for application in both fission and fusion reactors. The present study was focused on determining the electrical efficiency and other important operational aspects of the FFMCR concept. In principle, acceptable characteristics have been demonstrated, and results obtained are presented in the paper. Technological visibility of the FFMCR concept and required further design development are discussed. Preliminary characteristics of the promising design are outlined.