Parametized SQL or SPROC...doesn't matter from a performance stand point...you can query optimize either one.
For me the last remaining benefit of a SPROC is that I can eliminate a lot SQL rights management by only granting my login rights to execute sprocs...if you use Parametized SQL the login withing your connection string has a lot more rights (writing ANY kind of select statement on one of the tables they have access too for example).
I still prefer Parametized SQL though...