Hello,
this is an RDBMS question, not a django question, so if you search the web without including "django" in the search you will probably get the answer. For example, I'm searching with "difference between varchar and text" and it returns nice results (most about MySQL, but in PostgreSQL the principles are the same, although the details might differ).
Regards,
Antonis
Antonis Christofides http://djangodeployment.com
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