If you ever tried to change the node field storage settings on a field that already contains data, you probably encountered the following message: There is data for this field in the database. The field settings can no longer be changed.
This is all good, but let's assume that we know what we are doing and we want to increase the node field title length so users are able to enter titles that exceed 255 characters limited by database varchar 255 field to 500 characters.