I never understood the entity framework, but now I do. It seems very interesting.
Currently, I have a data access class I wrote called "StoredProcedure". I then have code generators to create the stored procedures, and the VB.NET classes. It's specific to the type of operation, such as insert, update, delete, select as output params, select multiple, etc.
Although I think it's very clean, replacing all of that with the entity framework, if it's clean and is performant, would be great.
However, the stored procedure class I created offers quite a bit and has some intelligence in it. For example, formating the sproc name, validation, not adding certain parameters if they don't pass validation and that parameter has a default, etc.
Also, I plan on adding possibly some type of load balancing to it, possibly based on the stored procedure name (or parameter specifiying read only or data is modified by this sproc), and also user based specific connection strings. (This way, for example, you can setup mirroing database, and have the read-only stored procedures executed on the mirrored database.)
I'd be curious to see if the entity framework would be able to do this as well, and\or whether or not you can inherit and modify certain objects that are responsible for this.