Do we still need stored procedures when using compiled queries?

When using compiled queries in entity framework (or linq-to-sql) in combination with SQL Server, is there actually still any performance benefit in using stored procedures?

Compiled queries will be cached as parameterized queries, so performance should be near equal to stored procedures. Is there any situation where stored procedures would perform significantly better?

-- EDIT --

In response to Yakimych's answer below, I didn't mean to imply that compiled queries are the same as stored procedures. I am trying to figure out if sprocs are still necessary if you have done all possible optimizations on the application side (in this case compiled queries). So I guess I'm looking for reasons why a stored procedure would be better than the combination of application-side optimizations and parameterized queries (which is what compiled queries effectively are).

One of the reasons I'm asking this, is because there are many people who seem to think that stored proedures are no longer necessary for different reasons (i.e. this post).