My biggest problem with ORMs is that you have an object graph that may or may not contain proxies. When you hit a proxy, the ORM will either do a lazy-load or throw an exception. Neither of these is a good default. Either way, the type system becomes useless, and I have to manually check all the call stacks to make sure the object graph is actually loaded.

... but I'm still getting good use out of an ORM right now. I use Entity Framework for the write operations (with lazy-loading) but hand-written SQL for the reads. It works better than anything else I've tried in the past.