Performance is usually the reason SP's appear in an application. After all,
all ORM solutions are compromises, so will be slower than straight JDBC. Entity Beans are not a good example of ORM technologies - and their failings are well-know.
This is why I want to clarify if Hibernate or O/R mapping can completely eliminates the need of stored procedure (hence the efforts to learn them).
You will only know if Hibernate is performant enough for your needs if you implement your application with it and do some
testing, no one can really answer that for you. What I can say is Hibernate is performant enough for the applications I have use it on. Learning Hibernate would not be wasted effort either, since it is becoming pretty ubiquitous.