The locations are only relative locations from the documentroot, you can move the database to africa and it will still work.
You assume the locations stay the same, just like you assume they stay the same for the images you use in your normal HTML layout, or the links you use to other internet pages.
Storing binary data in a database means you're just using the database as a complex filesystem. It is definately not more portable because every database deals with binaries in it's own way, and you are going to have quite a hard time moving the data from MySQL to Oracle for example. If you use locations, it's a minimal effort.