Don't be so hasty. As others pointed out, caching often plays a factor on larger projects. A degree of portability provided by ORMs is nice (test mode hits SQLite, prod is pg or mysql, etc). Also, the readability of ORM-oriented code shouldn't be overlooked, especially as new people come in to the team. Two or three expressive lines in ORM vs 15-20 of nested SQL hitting weird tables names and aliased column names and such isn't easy to decipher the intent of (especially when there's a problem).

I typically use ORM for about 95% of a project, falling back to a few explicitly native SQL calls when performance can be shown to be a bottleneck in those locations.