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
ORM and LINQ to SQL seem to be the current trends for replacing StoredProcs.
I personally have used ORM and find it much easier to maintain and support.
Some of the reasons stated for using stored procs where never legitimate reasons to begin with.
You do make a good point about having a stored procedures when you service multiple applications; they essentially become the DAL, usually with some business logic in there.