@dxterJul 22.2013 — #General opinion on the web is that XML sitemap is better because it allows for additional information. I yet have to see the real advantage of XML website over txt in the SEO.
@mikeee741Jul 23.2013 — #I believe a text sitemap is a txt file that includes all of your website links so Google can determine which links are on your site, etc. It's very related to sitemaps. Sitemaps is basically a file or page that contains all the links of the pages on your website that you want everyone to know about. A sitemap will help the visitors that come to your website to redirect to what they're looking for, as well as help Google to find what they're looking for. I believe text sitemap and sitemap are closely related to each other.
@edwardstandleyJul 23.2013 — #mikeee741 is right sitemap is a txt file that includes all of your website internal links so Google can determine which links are on your site and which it has to crawl and index for saving in their data. It helps your site to crawl fast.