We have a project coming up where we will be building a whole backend CMS system that will power our entire extranet and intranet with one package. The question I have been
This question comes up often - see this SO search result.
There is no one right answer - it depends on circumstances.
Personally - keep a file path in the DB and the file on the filesystem. Each has its own strengths. You can backup files as well as databases. This is also the conclusion of this guy, who manages TBs of data.