When to use COM objects ?

I used a lot of COM objects in my projects and this is because my mentor previously loved COM objects. I share the same preference as in a way I get to utilise my VB skill to develop web applications and in control of the business rules and data handling.
A new Architect comes in and tells me that what I have been doing is wrong and outdated and all the COM objects shall be replaced with ASP pages and Stored-Procs.
Is there really no need anymore to develop COM objects and in what situation is it good to use COM objects.
Is there a future for COM objects when .NET comes in.