Storing a kazillion small blobs in postgresql. Smart?

Hi there,

I'm looking at the design for an application where i have to store
potentially many gigabytes worth of small blobs of varying sizes (8K -
64K) in a database. I've always been told that it is smarter to store
references to files in the database, and I think that is true in a lot
of cases. But here I need this data to be transactional and probably
replicated so I'm looking into storing it directly in the db.

I know this is all rather vague but I'm interested in more experienced
pgsql user's opinions about this. Is it smart? Would it work? Or would
something like this blow up the db?

 S.