There is no real logical advantage to this two-tables design, since the relationship is 1-1, you might have all the info bundled in the FileInfo table. However, there are serious operational and performance advantages, in particular if your binary data is more than a few hundred bytes in size, on average.
EDIT: As pointed out by Remus Rusanu, on some DBMS implementations such as SQL2005, the large object types are transparently stored to a separate table, effectively alleviating the practical drawback of having big records. The introduction of this feature implicitly confirms the the [true] single table approach's weakness.
I merely scanned the SO posting referenced in this question. I generally thing that while that other posting makes a few valid points, such as intrinsic data integrity (since all CRUD actions on a given item are atomic), but on the whole, and unless of relatively atypical use cases (such as using the item table as a repository mostly queried for single items at a time), the performance advantage is with the two tables approach (whereby indexes on "header" table will be more efficient, queries that do not require the binary data will return much more quickly etc. etc.)
And the two tables approach has further benefits in case the design evolves to supply different types of binary objects in differnt context. For example, say these items are images (GIFs, JPGs etc.). At a later date you want to also provide a small preview version of these images (and/or a hi-resolution version), the choice of this being driven by the context (user preference, low band-width clients, subscriber vs. visitor etc.). In such a case not only are the operational issues associated with the single table approach made more acute, the model becomes more versatile.