Eric,
No one is stopping you from choosing the framework/approach that you would wish. If you are going to go the "data driven/stored procedure-powered" path, then by all means, go for it! Especially if it really, really helps you deliver your applications on-spec and on-time.
The caveat being (a flipside to your question that is), ALL of your business rules should be on stored procedures, and your application is nothing more than a thin client.
That being said, same rules apply if you do your application in OOP : be consistent. Follow OOP's tenets, and that includes creating entity objects to represent your domain models.
The only real rule here is the word consistency. Nobody is stopping you from going DB-centric. No one is stopping you from doing old-school structured (aka, functional/procedural) programs. Hell, no one is stopping anybody from doing COBOL-style code. BUT an application has to be very, very consistent once going down this path, if it wishes to attain any degree of success.