I think there is value in both approaches: using a 3rd party Framework or just custom PHP/own framework, depending on the complexity and requirements of a project and the expertise of the Developer/Team.
On one hand, a Framework provides, as mentioned before, consistent error handling and logging. Additionally most Frameworks will also provide solid reusable components, implementation of well known design patterns (such as MVC, front controller, factory pattern, builder pattern, singleton and other) and an easy and consistent way to extend an application. Altogether, it will allow efficient and rapid application development.
On the other hand, there is an investment in time required to master a Framework, you are bound to a certain way of doing things, and since technology is ever evolving, you require that Framework to also continuously evolve. If the Framework is abandoned you might have to consider moving to a different one, or maintaining it yourself. Since most frameworks are open source one could argue that the risk of hacking is higher, since it is possible to study the code and learn how to exploit it.
So, there are costs and risks to consider.
For instance, users of the (arguably) most popular php framework (CodeIgniter) must be worried with the announcement that Ellis Lab is looking for a new owner for the Framework:
http://ellislab.com/blog/entry/ellislab-seeking-new-owner-for-codeigniter
An experienced Developer/Team would also be able to implement reusable components, design patterns, etc but it takes time to develop and throughly test all that code, and the code needs to be maintained. They could choose to go that route, or to choose a well established Framework, which they understand well. From the ones I have tried, Yii and Zend are robust and give security high priority (I have not tried Laravel yet).
But granted, none of the Frameworks is intended to replace high quality software developers.