One of the main differentiators is whether you are writing the "one true front end" or whether the database is the central piece of your application.
If you are going to have multiple front ends stored procedures make a lot of sense because you reduce your maintenance overhead. If you are writing only one interface, stored procedures are a pain, because you lose a lot of flexibility in changing your data set as your front end needs change, plus you now have to do code maintenance, version control, etc. in two places. Databases are a real pain to keep in sync with code repositories.
Finally, if you are coding for multiple databases (Oracle and SQL compatible code, for example), I'd avoid stored procedures completely.
You may in certain rare circumstances, after profiling, determine that some limited stored procedures are useful to you. This situation comes up way less than people think it does.