I’m listening to the Hanselminutes Podcast; \"StackOverflow uses ASP.NET MVC - Jeff Atwood and his technical team\". During the course of the Podcast they are speaking about SQL
On modern systems, parameterized queries are compiled and cached at the server, so they're just as fast as a stored procedure. They have most of the same security features as well.
For databases that serve a single application, it makes more sense to have the query logic there at the relevant location in the code. If nothing else it makes it easier to do source control. If you keep stored procedures on the server keeping track of them can quickly become a mess. Additionally, if you're using an ORM tool you may not have much in the way of real SQL anyway.
If your database serves several different applications, then you may still want to use stored procedures to enforce business rules between application.