I do not know the exact answer to this, but it depends on your site.
Some say that if the site recieves large number of hits and that particular image is used again and again, then it might get bit slow on response as you are making the connection to db all the time.
BUT... if your page is generated dynamically and contains info from your db, then i guess you already have the connection open, so why not simply retrieve the image from the db aswell?
still, we need some solid reasoning on not using db to store images.