I guess it is DC from a pure definition stand point, because it is constant polarity. But it really isn't rectification. So it becomes confusing in my opinion. In your statement above, regardless of rectification, the peak Voltage of an AC signal is about 1.414 x RMS value.
Actually George, it's is pure rectification. It's doing exactly what a diode would do in the same place in the circuit. 
It's not filtered DC, but by any contemporary definition, it is indeed DC. Given that it's exactly half of the waveform, the actual RMS value of the half-wave rectified power would be half of the full wave RMS value, in this case that would be about 8 volts RMS.
I think the 16 ohm resistor may be too much for the smoke triac, as it doesn't have any heatsink. I know it's rated at 4 amps, but that's with a proper heatsink, it'll handle much less with no heatsink. I've considered trying 16 ohms and bolting a small heatsink onto the triac to help with the power dissipation. I'll bet that would be a smokin' combination.
