diff b/w varchar(N) & text

Hi.,<br /><br />Is there any big difference between selecting the data type as varchar(N) and text. What is the
differenceof it when seeing from the performance side ?<br /><br />I know that, when we know that the number of
characterwill not exceed N, we can use the varchar as datatype. If we dont know we can use this text as datatype. But
otherthan this anyother difference is there, and particularly in performance, and also if the number of rows crosses
100thousand... Any other views ?<br /><br />Any advise on this is appreciated.<br /><br />Thanks & Regards<br
/>SathiyaMoorthy.