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Varchar(max) size limit in SQL 2005 is 2^31-1 bytes or 2,147,483,648 bytes. I haven't test the limit yet. According to MSN "Use varchar(max) when the sizes of the column data entries vary considerably, and the size might exceed 8,000 bytes".
NVarchar(max) in SQL 2005 is 4000 characters.
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