For most of my projects I use Django nowadays. Its ORM is usually sufficient. In cases where it is not I add a query method to a model class that just executes the most efficient sql query possible and returns the results in the most efficient format possible. For mature applications this can result in quite a lot of those query methods and the ORM than plays a lesser role.
However, even in those case the ORM continues to be a convenience to me as a developer, e.g. because it powers the Django admin interface and because together with South (a database schema migration tool) it makes schema management a breeze.
An ORM is a tool. And each tool has its own place and time. So, yes - there we go again ...