On a side note: it is far better to make something automatically detected than to require a config variable for it.
For example, if there is any feasible way you can detect the site URL at runtime ($_SERVER['HTTP_HOST'] perhaps?), then you should do that instead.
It will make things easier when deploying code from dev -> staging -> production.
Having the least number of config options possible is definitely a good idea.
We put our application's config usually in a single .php file, which is the only part of the application not deployed from dev to production (Because obviously it needs to be different there).
Mark