For a web application database, from a security standpoint only, what are arguments counter to the point for an sp only solution where the app db account ha
Most of the answers here specify the security advantages of using stored procedures. Without disregarding those advantages, there are a few big disadvantages that haven't been mentioned:
The data access patterns are sometimes much more important than a specific procedure that is being done. We want to log/monitor/analyze/raise alerts/block who access the data, when, and how. We can't always get this information when using stored procedures.
Some organizations may have tons of stored procedures. It is impossible to review all of them, and it may make more sense to focus on tables (especially when considering that stored procedures may be very complex, have bugs, and introduce other security issues).
Some organizations may require a separation of concerns. Database administrators (or anyone who writes stored procedures) are not always part of the security personal. It is sometimes necessary for the security personal to focus only on the data simply because they are not responsible for the business logic and the guys that do write the business logic, are not completely trusted.