when developing a web application both above mentioned technologies can be used. LINQ to Entity Framework is good for Quick development while Pure ADO.net needs lots of Codes. but want to know for Small/Mediam web application which approach is best. I'm considering only performace and adding new component so frequently.
I Would suggest to use Entity Framework as it has many new features over ADO.NET.
In EF, objects are mapped with database tables. So you don't need to write stored procedures, queries in SQL to fetch data. You can use Linq queies against objects in C# which will retrieve data using EF.
Code First feature allows you to create the domain model in the C# code and write business logic on them without creating the db design first. You can create the database based on your domain model.
Since all the db related code is written in your VS projects, the same can be managed in the version control from the IDE. Whereas the stored procedure to be used in ADO.NET stored in the database.
You can still use stored procedures, Views and Functions in EF if needed.
EF is recommended technology used to retrived data in ASP.NET MVC Framework.