One more reason for the BL to NOT be in the DB is that you can get away with a different class of developer. I suspect that it is going to be easier to find developers who are used to a model of BL outside the database and I'd be leery of allowing a junior developer to write in DB code as there are more opportunities to massively screw things up.

Put me down as a "logic only goes in the DB if it is there for data integrity or performance" vote.

-Mike