Is database normalization dead?
One reason for normalisation is to remove data modification anomalies
ORMs usually do not support this.

I have many examples of Hibernate-designed databases that break this principle:


bloated (string repeated over 100s of millions of rows)
no lookup tables (see above)
no DRI (constraints, keys)
varchar clustered indexes
unnecessary link tables (eg enforcing 1..0:1 when a nullable FK column would suffice)


The worst I've seen is a 1TB MySQL database that was perhaps 75-80% too big because of these

I'd also suggest that the statement "todays systems can handle it" is true for most Mickey Mouse systems. As you scale, today's systems won't. 

In my example above, there was no traction to refactor or change keys or fix data: just complain about database growth rates and inability to build a meaningful DW on top of it