Linq2SQL queries generally wind up as parameterized queries on your database.
There are many discussions on SO comparing the difference in performance like Are Stored Procedures more efficient, in general, than inline statements on modern RDBMS's? and Stored Procedures vs Parameterized Queries
I believe the concensus is that the benefit of the flexibility that an ORM like Linq2SQL gives generally outweighs any perceived performance loss.
IMO, LINQ2SQL will do 90% of the job just fine for most of your data access requirements, and if you have any special needs where a PROC makes more sense (e.g. a really data intensive or batch transaction), you can write one or two procs and these to your DataContext
.
However, while we are at it, I wouldn't consider Linq2SQL on a new project. Why not look at Entity Framework 4+? (OP is using .NET 3.5)
Edit
If your table Foreign keys are set up correctly, when you drag your underlying tables into your Linq DBML's, you will find that you hardly ever need to join 'manually' as the ORM will handle the underlying navigation for you.
e.g.
var myUpvotes = Users.Where(u => v.UserId == someUser)
.Votes.Where(v => v.Upvote == true)
.Count();
One concept you will need is Eager vs Lazy loading. This will definitely impact the performance of your 'joins'