Hmmm...there is a rather large gap between 1000 and 4000 in the doc, isn't there?
The spirit of the doc is that if the restriction on length exists for a good reason then keep it. Otherwise use text. Since text is compressed and/or flung into the equivalent of a CLOB table automatically if the content's long, I think perhaps we should keep all <4000 varchars with their restricted length. There might be minor efficiency gains though I'm not familiar enough with the new text type implementation to know for sure.