Portability

If and when I need to port my appication and/or the data along with it, how well does it lend itself to portability? BLOB solutions make this pretty easy. Just move the database. But the same can be said for file-pointers if you store them correctly. The biggest key to storing the path though is how you store the path. For Windows users you can save the file's Universal Naming Convention (UNC) instead of the actual disk location (such as \\path\to\images\example.jpg instead of c:\images\example.jpg). Other filesystems have lots of ways to overcome this minor limitation (symbolic links, samba shares, etc.). This is quite helpful when it comes to application portability.

Summary

The original question that prompted this topic was something along the lines of "Would I be designing it wrong if I stored the path in the database rather than storing the image itself?" to which I would reply no, you can do it that way, but do you want to? Hopefully this discussion will take off and others will offer valuable input.