UPDATE
Please read also about this change in Pg 9.1, and this change in Pg 9.2 posts, as they explain that since Pg 9.1 some of the limitations listed in this post are no longer there.
END OF UPDATE
Fight!
But more seriously – people tend to use various data types, and there have been some myths about them, so let's see how it really boils down.
First of all – All those data types are internally saved using the same C data structure – varlena.
Thanks to this we can be nearly sure that there are no performance differences. Are there no performance differences in reality? Let's test.
Continue reading CHAR(x) vs. VARCHAR(x) vs. VARCHAR vs. TEXT – UPDATED 2010-03-03