yes, but this would be better
TEXT allows you to use longer comments in natural language...varchar is limited to 255 chars and they are not enough when you want to make clear the difference from other similar links, I removed NOT NULL default ' ' so you can leave it blank but I'm not sure it's necessary, the white space might do the same
Code:
CREATE TABLE `links` (
`id` int(4) NOT NULL auto_increment,
`code` varchar(20) NOT NULL default '',
`url` varchar(200) NOT NULL default '',
[B] `comments` TEXT,[/B]
`visits` int(11) NOT NULL default '0',
PRIMARY KEY (`code`),
UNIQUE KEY `id` (`id`)
) ENGINE=MyISAM