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Originally Posted by Rellwood
Does it make a difference in the manual if I am not updating to 5.0 yet?
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Mostly, only for new features. So there may be things in the manual you stumble upon that will be missing if you have an older version. But calibre has so many features that most of what is in the new manual works in the old versions.
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I am trying to figure out the differences between the long text columns.
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Within "long text", the differences are just how it is formatted when it is displayed and edited. As Kovid says, calculated columns are slower, but otherwise it probably doesn't make a lot of difference.