I would have to say store the pics outside the db. Only real advantage of storing them in the DB I can see would be to slightly simplify any manipulation of the pics themselves. Simply put, if a user requests a pic, instead of making a call to the DB the web server simply grabs the static file off the HD. Seems much more efficient to me.
I don't have any hard facts to back this up, but it would seem common sense eliminating the need to make a call to the DB, and just going straight to the file.