diff b/w varchar(N) & text

Hi.,

Is there any big difference between selecting the data type as varchar(N)
and text. What is the difference of it when seeing from the performance side
?

I know that, when we know that the number of character will not exceed N, we
can use the varchar as datatype. If we dont know we can use this text as
datatype. But other than this anyother difference is there, and particularly
in performance, and also if the number of rows crosses 100 thousand... Any
other views ?

Any advise on this is appreciated.

Thanks & Regards
SathiyaMoorthy.