I suspect that performance problems will go down to what kind of database operations you do. However, a very important problem for me when working with databases is testability. Many times I have been in projects that are too oriented around the database, where we end up with a bunch of business logic that I cannot unit test, test, or possibly even modify.
I am always for the sake of a pragmatic choice - everything in it is in the right place. And for some things you really have to store them in a database. But this is a question worth considering.
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