Yes, ORMs affect performance, whether that matters ultimately depends on the specifics of your project.
Programmers often love ORM because they like the nice front-end cding environments like Visual Studio and dislike coding raw SQL with no intellisense, etc.
ORMs have other limitations besides a performance hit--they also often do not do what you need 100% of the time, add the complexity of an additional abstraction layer that must be maintained and re-established every time chhnges are made, there are also caching issues to be dealt with.
Just a thought -- if the database vendors would make the SQL programming environment as nice as Visual Studio, and provide a more natural linkage between the db code and front-end code, we wouldn't need the ORMs...I guess things may go in that direction eventually.
