VARBINARY is bound to 255 bytes on MySQL 5.0.2 and below, to 65kB on 5.0.3 and above.
BLOB is bound to 65kB.
Ultimately, VARBINARY is virtually the same as BLOB (from the perspective of what can be stored in it), unless you want to preserve compatibility with “old” versions of MySQL. The MySQL Documentation says:
In most respects, you can regard a
BLOBcolumn as aVARBINARYcolumn that can be as large as you like.