It has some consequences for InnoDB, too. Index size is restricted to 3072 bytes and single column indexes, to 767 bytesbytes*. So, it is very likely that you won't be able to index fully a VARCHAR(255) field (assuming you use utf8 or any other variable length-encoding).
Update: Because the exploding popularity of variable-length strings, for example, with the usage of emojis, Oracle has been pushing for improved performance for those cases. In the latest MySQL versions (5.6, 5.7), InnoDB has been set as the default engine for both intrinsic and explicit temporary tables meaning that variable-length fields are now first-class citizens. That means that there may be less reasons to have very constrained character lengths (but those still exist).
(*) Second Update: large_prefix_index is now enabled by default on the latest MySQL versions (8.0), but that is still true for older versions or if you are using lagacy innodb file/row formats (other than dynamic or compressed), so single column indexes can be up to those 3072 bytes.