> Just wanted to know how would it make a difference if i use text datatype
> instead of varchar.


Taken from: 
http://www.postgresql.org/docs/8.1/interactive/datatype-character.html
"
If character varying is used without length specifier, the type accepts strings 
of any size. The
latter is a PostgreSQL extension. 

In addition, PostgreSQL provides the text type, which stores strings of any 
length. Although the
type text is not in the SQL standard, several other SQL database management 
systems have it as
well.

...

Tip: There are no performance differences between these three types, apart from 
the increased
storage size when using the blank-padded type. While character(n) has 
performance advantages in
some other database systems, it has no such advantages in PostgreSQL. In most 
situations text or
character varying should be used instead. 
"

Regards,

Richard Broersma Jr.

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