I have been using the Entity Framework for a while now. A few advantages for me are automatic Class creation from the DB metadata and using LINQ. Also, using an ORM tool does not mean you cannot use Stored Procedures. I do not think one method is better than the other. It depends on requirements (an ORM is definetly faster for development), what you know (if you don't know EF, but have to ship next month go with what you know), if you know EF and have to ship asap I recommend using it.
You also have to ask yourself if you want to do a SELECT query through a Stored Procedure rather than an ORM (LINQ) because it is 0,00001 millisecond faster. But as I said, Stored Procedures can be used using Entity Framework very easy.
So while I personally prefer EF because of its fast and easy to use Class creation I am not saying it is better per se (it has some drawbacks as well! Sometimes it does not map correctly, or an error occurs which results in you losing all your auto-generated classes. Then again, when the error is fixed the Classes are automatically recreated again). The internet is full of to-ORM-or-not-to-ORM discussions. I suggest you start clicking some links here