I've had cause in the past to do a little bit of research into the "right" way to store files that relate to a Windows Application.
Do you embed the whole image, document, spreadsheet...whatever, into a massive binary field and store it away in you database, or do you let the file system do what it does best and manage it?
There are arguments for and against each way - mostly I must say, for letting the file system do it's thing. This is the approach I've used most of the time.
There is one big overriding factor in this decision though. Your users.
It is common knowledge (and shouted loudly by Alan Cooper in the Inmates are running the Asylum) that the file system is one of the most illusive, mystifying and unattainable concepts for "non-technical" computer users to grasp. Locating, moving, copy or creating files in the labyrinth that is c:\, or "My Documents" or "My Computer" or now, Vista's "Computer" or "username" or "Documents" is just beyond the vast majority of computer users in the real world, particularly outside the managed environments of the worlds "Enterprise" environments. Here, network shares are unheard of let alone re-directed user folders and the like...
So how can you impose the responsibility of archiving and maintaining backups of electronically lodged payroll data (for example), and the continued storage and accessibility of said files, required by law, by the Australian Tax Office (in the case of my current example)...how can you impose that responsibility on Ma an Pa business manager, who might bake the best bread, build the best houses or produce the best wine and even run the most efficient business outfit, in the district, when those same people a flat out understanding how they actually save that file to a given folder, and when they manage that, have no comprehension of how to retrieve it again, let alone back it up, archive it, and have it on hand when a contractor that picked fruit for them for 2 weeks, 9 months ago loses his group certificate - you can't!
The most you can insist on is that they backup their database and put it somewhere safe as regularly as possible, and you can give them (or better still build them) some tools to do specifically this. Don't make the learn the file system. I say, in this environment, throwing those files (or at least copies of them) into your database so they are all backed up and immune to the vagrancies of the file system, immune to new lap top purchases, new user accounts and renaming folders en-masse - and are sure to be backed up.
Sacrifice the "best" technical solution, for the sake of your user. Let them achieve the goals without needing to learn what you all know about file systems, or servers, or network shares and so on. They don't care, and they don't have to care.
This rant is not meany to "dis" anyone who holds the common opinion of avoiding storing files in the database - I happen to agree with that, but be sure to only "avoid" it where possible, and where possible means, where you aren't lumping your users - your customers - with the undue responsibility, cognitive friction as Alan Cooper would call it!