There is a HUGE difference between VARCHAR and TEXT. While VARCHAR fields can be indexed, TEXT fields cannot. VARCHAR type fields are stored inline while TEXT are stored offline, only pointers to TEXT data is actually stored in the records.
If you have to index your field for faster search, update or delete than go for VARCHAR, no matter how big. A VARCHAR(10000000) will never be the same as a TEXT field bacause these two data types are different in nature.
than go for TEXT.