I am an oracle DBA. from my point of view there were some benefits for stored procs. like bandwidth utilization. but new servers are connected with GB/Sec lan and bandwidth is no more a bottile-neck. Now things are moving to more distributed env. like grid computing. now there is no point in putting bussiness logic and database in one place and say it is better.
In my experience Stored Procs is the major factor in downtime of the database systems and they don’t have measurable benefits.