ORM's are slower and do add overhead to applications (unless you specifically know how to get around these problems, which is not very common). The database is the most critical element and Web applications should be designed around it.
Many OOP frameworks using Active Record or ORMs, developers in general - treat the database as an unimportant afterthought and tend to look at it as something they don't really need to learn. But performance and scalability usually suffer as the db is heavily taxed!
Many large scale web apps have fallen flat, wasting millions and months to years of time because they didn't recognize the importance of the database. Hundreds of concurrent users and tables with millions of records require database tuning and optimization. But I believe the problem is noticeable with a few users and less data.
Why are developers so afraid to learn proper SQL and tuning measures when it's the key to performance?