The Data Access Team published a great post that has some superb explanations on how to make the Entity Framework use stored procedures for inserts, udpates and deletes. (It does not yet support stored procedures for retrieving data.) Obviously there are pieces missing, as Shyam states (such as retrieving data via sprocs), but to see CUD (minus the R) working in the EF with sprocs is great.
One knock I can already hear though is how people will have to change the existing sprocs. Specifically in the example where the additional parameter must be added to support the EF's determination of which entities/sprocs to execute in which order. Obviously it would be better if a future evolution could do without this.
Fantastic to see sproc support born in the Entity Framework!
On a related note, I am having a heck of a time trying to get an overview of ADO.NET Orcas to fit into a publishable article. There is just sooooo much to it and so little space to write about it. I could go on for days on this topic :)