Hey vincente - your still around? ;-) The point of base64 encoding the data is to make it easier to transfer around - you'll almost never do that as raw binary. In addition - have you ever tried to do a manual SELECT on a binary field - that's probably going to screw up your tty while you are testing it.
I don't know what kind of server he is running his database on, it could be little endian versus big. Binary data is interpretted differently on these platforms. In addition - he didn't say he was going to use it for the web - so I assumed this was already thought out to be the best choice.
Vincente is right if your going to be using this for the web. The MySQL manual even suggests this, see:
http://www.mysql.com/doc/en/Tips.html
Which has a clause that claims, "When using a normal web server setup, images should be stored as files. That is, store only a file reference in the database. The main reason for this is that a normal web server is much better at caching files than database contents. So it it's much easier to get a fast system if you are using files."