I built a Django site with hundreds of thousands of users... Pownce. At Pownce, we started with the basic ORM and dropped down to pure SQL queries for certain often-used or slow queries.
Meh. Problem solved.
Meh. Problem solved.
I ask because I'm not interested in performance. I'm primarily interested in having effective domain objects for maintainable use from Python and a clean schema for friction-free use from my database shell. Declarative ORMs seem to straddle that gap to the determent of either end-point.