I have several CMS installs on my localhost. They are installed in different folders. I do testing, template/theme development, and plugin development. I test with different windows browsers. I test from different devices on my local wifi network.
I installed WordPress 3.7.1 into the folder [localhost]/wordpress. I encountered that viewing the local site from different devices on my netword, where //localhost CANNOT be used, the themes are not loaded. Tracked this down that the default installation enters "WordPress Address" and "Site Address" as absolute paths of "http://localhost/wordpress". I need to specify a relative URL path of "/wordpress" but the settings page gives an error that this is not a valid URL. This is a valid URL. Other CMS's I use do not have this problem.
The only workaround I can find is to manually edit these 2 values in the MySQL database. This is not an acceptable solution for a current client which needs to set up a local install and do testing the way I do.
IMHO, requiring absolute URLs within a site is a bad thing. URLs within a site should only be relative paths. Absolute paths are for URLs which go offsite. If you have ever had to migrate a website you will understand why.