Whenever I set up a new SQL table I feel the same way about 2^n being more "even"... but to sum up the answers here, there is no significant impact on storage space simply by defining varchar(2^n) or even varchar(MAX).
That said, you should still anticipate the potential implications on storage and performance when setting a high varchar() limit. For example, let's say you create a varchar(MAX) column to hold product descriptions with full-text indexing. If 99% of descriptions are only 500 characters long, and then suddenly you get somebody who replaces said descriptions with wikipedia articles, you may notice unanticipated significant storage and performance hits.
Another thing to consider from Bill Karwin:
There's one possible performance impact: in MySQL, temporary tables
and MEMORY tables store a VARCHAR column as a fixed-length column,
padded out to its maximum length. If you design VARCHAR columns much
larger than the greatest size you need, you will consume more memory
than you have to. This affects cache efficiency, sorting speed, etc.
Basically, just come up with reasonable business constraints and error on a slightly larger size. As @onedaywhen pointed out, family names in UK are usually between 1-35 characters. If you decide to make it varchar(64), you're not really going to hurt anything... unless you're storing this guy's family name that's said to be up to 666 characters long. In that case, maybe varchar(1028) makes more sense.
And in case it's helpful, here's what varchar 2^5 through 2^10 might look like if filled:
varchar(32) Lorem ipsum dolor sit amet amet.
varchar(64) Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donecie
varchar(128) Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donecie
vestibulum massa. Nullam dignissim elementum molestie. Vehiculas
varchar(256) Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donecie
vestibulum massa. Nullam dignissim elementum molestie. Vehiculas
velit metus, sit amet tristique purus condimentum eleifend. Quis
que mollis magna vel massa malesuada bibendum. Proinde tincidunt
varchar(512) Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donecie
vestibulum massa. Nullam dignissim elementum molestie. Vehiculas
velit metus, sit amet tristique purus condimentum eleifend. Quis
que mollis magna vel massa malesuada bibendum. Proinde tincidunt
dolor tellus, sit amet porta neque varius vitae. Seduse molestie
lacus id lacinia tempus. Vestibulum accumsan facilisis lorem, et
mollis diam pretium gravida. In facilisis vitae tortor id vulput
ate. Proin ornare arcu in sollicitudin pharetra. Crasti molestie
varchar(1024) Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donecie
vestibulum massa. Nullam dignissim elementum molestie. Vehiculas
velit metus, sit amet tristique purus condimentum eleifend. Quis
que mollis magna vel massa malesuada bibendum. Proinde tincidunt
dolor tellus, sit amet porta neque varius vitae. Seduse molestie
lacus id lacinia tempus. Vestibulum accumsan facilisis lorem, et
mollis diam pretium gravida. In facilisis vitae tortor id vulput
ate. Proin ornare arcu in sollicitudin pharetra. Crasti molestie
dapibus leo lobortis eleifend. Vivamus vitae diam turpis. Vivamu
nec tristique magna, vel tincidunt diam. Maecenas elementum semi
quam. In ut est porttitor, sagittis nulla id, fermentum turpist.
Curabitur pretium nibh a imperdiet cursus. Sed at vulputate este
proin fermentum pretium justo, ac malesuada eros et Pellentesque
vulputate hendrerit molestie. Aenean imperdiet a enim at finibus
fusce ut ullamcorper risus, a cursus massa. Nunc non dapibus vel
Lorem ipsum dolor sit amet, consectetur Praesent ut ultrices sit