I said this in a comment, but I'm going to say it again here.
Security, Security, SECURITY.
When sql code is embedded in your application, you have to expose the underlying tables to direct access. This might sound okay at first. Until you get hit with some sql injection that scrambles all the varchar fields in your database.
Some people might say that they get around this by using magic quotes or some other way of properly escaping their embedded sql. The problem, though, is the one query a dev didn't escape correctly. Or, the dev that forgot to not allow code to be uploaded. Or, the web server that was cracked which allowed the attacker to upload code. Or,... you get the point. It's hard to cover all your bases.
My point is, all modern databases have security built in. You can simply deny direct table access (select, insert, update, and deletes) and force everything to go through your s'procs. By doing so generic attacks will no longer work. Instead the attacker would have to take the time to learn the intimate details of your system. This increases their "cost" in terms of time spent and stops drive by and worm attacks.
I know we can't secure ourselves against everything, but if you take the time to architect your apps so that the cost to crack it far outweighs the benefits then you are going to serious reduce your potential of data loss. That means taking advantage of all the security tools available to you.
Finally, as to the idea of not using s'procs because you might have to port to a different rdbms: First, most apps don't change database servers. Second, in the event that it's a real possibility, you have to code using ANSI sql anyway; which you can do in your procs. Third, you would have to reevaluate all of your sql code no matter what and it's a whole lot easier when that code is in one place. Fourth, all modern databases now support s'procs. Fifth, when using s'proc's you can custom tune your sql for the database it's running under to take advantage of that particular database's sql extensions.