varchar vs text

Are there any differences between text and varchar? I found the following in
the docs, which leads me to believe that there are no differences at all.
Can someone please confirm this before I switch all my varchars to text?

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.