Depending on what you do. See the related documentation page for some details:
http://dev.mysql.com/doc/refman/5.0/en/char.html
The fine in disk space is no different from what you have, for example. TEXT, and in terms of performance, it MAY be actually faster.
The main problem is the maximum row size. Note that the exact meaning of this is different from the repositories. Refer to the MySQL docs for your data storage engine for maximum row size information.
I should also add that there may be performance benefits to minimize row size, but it really depends on your workload, indexing, and how large the rows are, regardless of whether it matters to you.
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