Databases aren't built for storing binary data in this way and, if you're expecting any decent amount of traffic, it may even noticably slow down your site.
I would agree to a certain degree. There are also advantages to this approach.
You don't have to deal with inconsistencies when storing in a db.
You have better access control.
It seems to be in line with relational db theory
I don't know if this can be applied fully for MySQL, but an in depth explanation of using BLOB's in a DB (MS SQL Server) can be found here