Use of parameterized SQL has other benefits, it reduces CPU overhead (as well as other resources) in Oracle by reducing the amount of work Oracle requires in order to parse the statement. If you do not use parameters (we call them bind variables in Oracle) then "select * from foo where bar='cat'" and "select * from foo where bar='dog'" are treated as separate statements, where as "select * from foo where bar=:b1" is the same statement, meaning things like syntax, validity of objects that are referenced etc...do not need to be checked again. There are occasional problems that arise when using bind variables which usually manifests itself in not getting the most efficient SQL execution plan but there are workarounds for this and these problems really depend on the predicates you are using, indexing and data skew.
