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
Replication of static files, especially across a number of servers, can be difficult to manage. It really comes down to a tradeoff between managing, monitoring and debugging replication problems vs. the database size and load.
I think I'd probably pick the database approach, and if load became an issue look at putting up some sort of cache layer around the image calls.
Suggestions to store a path in the db are missing the real problem, which is replicating this across multiple machines.