Text is the value that is shown in the Enterprise Manager and in the . It is a column type introduced in Version 7 IIRC. Here is an excerpt from the online books.

ntext, text, and image
Fixed and variable-length data types for storing large non-Unicode 
and Unicode character and binary data. Unicode data uses the UNICODE 
UCS-2 character set.

ntext

Variable-length Unicode data with a maximum length of 
230 - 1 (1,073,741,823) characters. Storage size, in bytes, is two 
times the number of characters entered. The SQL-92 synonym for ntext 
is national text.

text

Variable-length non-Unicode data in the code page of the server and 
with a maximum length of 231-1 (2,147,483,647) characters. When the 
server code page uses double-byte characters, the storage is still 
2,147,483,647 bytes. Depending on the character string, the storage 
size may be less than 2,147,483,647 bytes.

image

Variable-length binary data from 0 through 231-1 (2,147,483,647) 
bytes.
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