I didn't just straight go for recommending memo, because always needing something like 400-500 chars you're actually good with 2 chars instead of 1 memo. It's CSV friendly, too.
If more than 400 is meant as unbound and often also means more than 508, then surely memo is simpler. Memo also is simpler from the point of view of binding it to an editbox and not need handling of splitting a value ranging from 254 to 508 length into two fields.
So yes, there are pros and cons, I mentioned both.
Chriss