Using a large varchar like varchar (5000) means you can perform full text indexing where you wouldnβt do this in the TEXT column.
If it would be much safer to use something like BBcode markup, but if you need to use HTML (I hope not allowing guests to enter it) there are plugins like http://htmlpurifier.org/ that perform HTML sanitization well.
Obviously, you can encode and decode HTML using standard PHP functions, but there is always a risk of letting something go.
Hope this helps.
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