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As a matter of fact, there are only a few things to consider. Obviously the storage size that you can reach will be much greater (2GB Vs. 8000 bytes) but then, you CAN'T apply or make some things in that kind of field. For example, to use an INDEX in that field, use it in a WHERE clause. If the text storage is greater than 8000 bytes (if it is a character or binary string), you'll not be able to reference the value in a SELECT, UPDATE or INSERT statement and will be forced to use special functions in SQL to manage the contents of that field.
It also depends on the objective of that field and the future management of it, so you can decide if it does not affect the rest of the database structure.
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