What will indexes speed up?
Data retrieval — SELECT statements.
What will indexes slow down?
Data manipulation — INSERT, UPDATE, DELETE statements.
When is it a good idea to add an index?
If you feel you want to get better data retrieval performance.
When is it a bad idea to add an index?
On tables that will see heavy data manipulation — insertion, updating…
Pro’s and Con’s of multiple indexes vs multi-column indexes?
Queries need to address the order of columns when dealing with a covering index (an index on more than one column), from left to right in index column definition. The column order in the statement doesn’t matter, only that of columns 1, 2 and 3 – a statement needs have a reference to column 1 before the index can be used. If there’s only a reference to column 2 or 3, the covering index for 1/2/3 could not be used.
In MySQL, only one index can be used per SELECT/statement in the query (subqueries/etc are seen as a separate statement). And there’s a limit to the amount of space per table that MySQL allows. Additionally, running a function on an indexed column renders the index useless – IE:
WHERE DATE(datetime_column) = ...