Data types are extremely important - without them, there's no way to be sure what data is actually stored in the column. For example, a VARCHAR(255) could be anything - string, numeric, date/time... It makes things extremely difficult to find particular data if you can't guarantee what the data is or any form on consistency.
Which means data typing also provides basic validation - can't stick letters into a column with a numeric or date/time data type...
The speed of data retrieval is also improved by using indexes on a column, but an index can not be used if you have to change the data type of the data to something else before the data can be compared.
It's a good thing to realize what the difference is between data, and presentation. Like the case with date field formatting - that's presentation, which can be easily taken care of if the data type is DATETIME (or converted to DATETIME).