I'll jump into the flames -- what the heck.
The problem isn't ASP.NET: it's probably the way you were taught how to use it. The Microsoft tools do so much crap that it's like being put into a room full of levers and knobs with cryptic labels on them. Hard to know where to start or how to make things work.
Sit down with somebody who is using one of the automated DALs (like NetTiers, NHibernate, CSLA, etc) and knows what the heck they are doing. You'll find it very intuitive and the speed of development can keep pace (or surpass, depending on the domain) any other kind of web development.
Now for the BUT part. BUT you have to be doing straight-forward business development. Stuff in the middle of the road. Writing a check. Checking your email. Posting a message.Viewing your box scores. Etc. If you want something like an animated dancing baby that does different dances depending on your current stock portfolio and can sing out your RSS feeds in different languages, you're back to basics, and all that abstraction is going to get in your way big time. Also, if you want to scale up to 100K users quickly you're going to be learning a lot more about tweaking IIS and ASP.NET than you probably wanted. But for a lot of stuff, it's just fine. Not everybody is writing the next YouTube, and you can't beat the libraries available to you over on the "dark" side.(grin)