If you're comfortable with writing procs, then I'd stick with it. I see the ORM approach as:
* good for people who aren't comfortable with SQL;
* only appropriate for small and simple applications in which generic SQL isn't gonna be too much of a performance hit;
* probably unnecessary convolution in those situations though.
Any high throughput database - ie for a large project - is going to want to have dedicated DB resources to create the DB tier, and that tier should be written on the DB, not in CF or in Java. And each element should be specifically finetuned to be as expedient as possible. Hibernate is not going to provide that: it's just going to create generic SQL statements, providing a "lowest common denominator" sort of solution.
I asked our DBA about Hibernate, and he just laughed, saying "you're not running that sh!t on my DB, mate".
I also think Hibernate is all about being expedient for the developer, not expedient for the solution, which is the wrong place to be looking for expedience. Although perhaps in the CF world making things easier for the developer is the name of the game...?
--
Adam