John,

>There are technical factors as well. SPs are precompiled at the server and re-entrant and, therefore, optimizable from the server with little or no intervention.

In SQL server 7 and above there is no such thing as precompilation (it is explicitely stated in the documentation). There is caching of the execution plan when the SP is first run. This also applies to dynamic SQL queries though. So in short there is little difference between SPs and SPT in this respect.

Walter,