I'm worried about whether Rails can handle the types of complex aggregates that are needed for a financial application, and in particular, whether ORM can handle them efficiently. In the financial application that I am going to use for this, you need to make a lot of reports on the detailed financial data, aggregated in different ways. Without support in Rails ORM, I would need to write direct SQL. But I am worried that as soon as I start this, other parts of Rails may not work as well, and as a result, I may end up using Rails for my routes and quite a bit. Is this a real concern or am I worried about it unnecessarily?
The limitations of ActiveRecord are one of the reasons I am having problems using Rails in a scientific environment. You might want to check out an alternative Ruby ORM that will make it easier to work with an outdated database:
Ultimately, although ORM by design takes you away from SQL, it is therefore possible that none of them are suitable.
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The reason I like active recording is because it allows you to break through abstraction. I have yet to face a situation that I could not cope with AR. I'm sure there may be some extremely esoteric examples, but the best question is to give an example of the type of request you want to make and let someone show you how to do it in AR.
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