I think all performance arguments are completely rubbish unless they're actually backed up by any useful benchmarks. And who really cares anyway?
Using BLOBs in a database is preferable for small files (Say, <8M, fit in memory) as it makes the management a lot easier as your data are all in one place.
With files, management is more of a pain as you must keep the database and filesystem in sync. If you use a BLOB, when you do "DELETE FROM ...", the file is removed.
Mark