My long and late answer, not even complete, but a good explanation WHY I hate this pattern, opinions and even some emotions:
1) short version: Active Record creates a "thin layer" of "strong binding" between the database and the application code. Which solves no logical, no whatever-problems, no problems at all. IMHO it does not provide ANY VALUE, except some syntactic sugar for the programmer (which may then use an "object syntax" to access some data, that exists in a relational database). The effort to create some comfort for the programmers should (IMHO...) better be invested in low level database access tools, e.g. some variations of simple, easy, plain hash_map get_record( string id_value, string table_name, string id_column_name="id" ) and similar methods (of course, the concepts and elegance greatly varies with the language used).
2) long version: In any database-driven projects where I had the "conceptual control" of things, I avoided AR, and it was good. I usually build a layered architecture (you sooner or later do divide your software in layers, at least in medium- to large-sized projects):
A1) the database itself, tables, relations, even some logic if the DBMS allows it (MySQL is also grown-up now)
A2) very often, there is more than a data store: file system (blobs in database are not always a good decision...), legacy systems (imagine yourself "how" they will be accessed, many varieties possible.. but thats not the point...)
B) database access layer (at this level, tool methods, helpers to easily access the data in the database are very welcome, but AR does not provide any value here, except some syntactic sugar)
C) application objects layer: "application objects" sometimes are simple rows of a table in the database, but most times they are compound objects anyway, and have some higher logic attached, so investing time in AR objects at this level is just plainly useless, a waste of precious coders time, because the "real value", the "higher logic" of those objects needs to be implemented on top of the AR objects, anyway - with and without AR! And, for example, why would you want to have an abstraction of "Log entry objects"? App logic code writes them, but should that have the ability to update or delete them? sounds silly, and App::Log("I am a log message") is some magnitudes easier to use than le=new LogEntry(); le.time=now(); le.text="I am a log message"; le.Insert();. And for example: using a "Log entry object" in the log view in your application will work for 100, 1000 or even 10000 log lines, but sooner or later you will have to optimize - and I bet in most cases, you will just use that small beautiful SQL SELECT statement in your app logic (which totally breaks the AR idea..), instead of wrapping that small statement in rigid fixed AR idea frames with lots of code wrapping and hiding it. The time you wasted with writing and/or building AR code could have been invested in a much more clever interface for reading lists of log-entries (many, many ways, the sky is the limit). Coders should dare to invent new abstractions to realize their application logic that fit the intended application, and not stupidly re-implement silly patterns, that sound good on first sight!
D) the application logic - implements the logic of interacting objects and creating, deleting and listing(!) of application logic objects (NO, those tasks should rarely be anchored in the application logic objects itself: does the sheet of paper on your desk tell you the names and locations of all other sheets in your office? forget "static" methods for listing objects, thats silly, a bad compromise created to make the human way of thinking fit into [some-not-all-AR-framework-like-]AR thinking)
E) the user interface - well, what I will write in the following lines is very, very, very subjective, but in my experience, projects that built on AR often neglected the UI part of an application - time was wasted on creation obscure abstractions. In the end such applications wasted a lot of coders time and feel like applications from coders for coders, tech-inclined inside and outside. The coders feel good (hard work finally done, everything finished and correct, according to the concept on paper...), and the customers "just have to learn that it needs to be like that", because thats "professional".. ok, sorry, I digress ;-)
Well, admittedly, this all is subjective, but its my experience (Ruby on Rails excluded, it may be different, and I have zero practical experience with that approach).
In paid projects, I often heard the demand to start with creating some "active record" objects as a building block for the higher level application logic. In my experience, this conspicuously often was some kind of excuse for that the customer (a software dev company in most cases) did not have a good concept, a big view, an overview of what the product should finally be. Those customers think in rigid frames ("in the project ten years ago it worked well.."), they may flesh out entities, they may define entities relations, they may break down data relations and define basic application logic, but then they stop and hand it over to you, and think thats all you need... they often lack a complete concept of application logic, user interface, usability and so on and so on... they lack the big view and they lack love for the details, and they want you to follow that AR way of things, because.. well, why, it worked in that project years ago, it keeps people busy and silent? I don't know. But the "details" separate the men from the boys, or .. how was the original advertisement slogan ? ;-)
After many years (ten years of active development experience), whenever a customer mentions an "active record pattern", my alarm bell rings. I learned to try to get them back to that essential conceptional phase, let them think twice, try them to show their conceptional weaknesses or just avoid them at all if they are undiscerning (in the end, you know, a customer that does not yet know what it wants, maybe even thinks it knows but doesn't, or tries to externalize concept work to ME for free, costs me many precious hours, days, weeks and months of my time, live is too short ... ).
So, finally: THIS ALL is why I hate that silly "active record pattern", and I do and will avoid it whenever possible.
EDIT: I would even call this a No-Pattern. It does not solve any problem (patterns are not meant to create syntactic sugar). It creates many problems: the root of all its problems (mentioned in many answers here..) is, that it just hides the good old well-developed and powerful SQL behind an interface that is by the patterns definition extremely limited.
This pattern replaces flexibility with syntactic sugar!
Think about it, which problem does AR solve for you?
