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Originally Posted by Adultnet
The performance will be all good but they will decrease with the data since text take more memory. Not some thing that you should feel. 
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Ok.. but lets say.. i store 10.000 records with the word "hello" in a text field
and i store 10.000 records with the word "hello" in a varchar field on some other database.. no problem there?
The only issue i can think of is that for example a varcahr(4) reserves actual
4 bytes of memory while a 4 character text field has a default of 64 bytes or something.. whether you use it or use less.. That would kill performance in the long run.