Difference between varchar and text?

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Is there any practical difference between defining a column as a varchar(n) vs. a varchar vs. a text field? 

I've always been under the impression that if I am wanting to index a varchar column, it is better to set a maximum length. Is this correct?
But more importantly, what's the practical difference between varchar with no limit and text?

Thanks, and apologies if this is a FAQ...

Moshe

--
Moshe Jacobson
Nead Werx, Inc. | Senior Systems Engineer
2323 Cumberland Parkway, Suite 201 | Atlanta, GA 30339
moshe@neadwerx.com | 
www.neadwerx.com

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