There are really three answers you should look at depending on how fast you need your site to run on how little horsepower.
Flat text files are by far the faster solution. For things like guest logs or quotes of the day they are very fast and easy to do. I prefer text files for things that don't have to be complex like an autogenerated index.php3 page, but need to be fast. PHP can generate dynamic page content from text files at many hundreds of kilobytes per second on most any web server, and as fast as several megabytes a second on some fast servers running simple scripts.
The slowest but most versatile would be a full fledged RDBMS, like postgres, mySQL, or Oracle. While these offer great versatility, you do pay in performance. Most advanced db apps run a few k per second output maximum, but this is fine, since it lets us manipulate out data in any way we need, with minimum reprogramming.
But the in between solution is gdbms! These simple little hash tables are very fast, allow us to store our data in a simple non relational database and get it back fast.
They don't provide any real locking, just like flat files, but are much better for long lists of things that need to be accessed quickly and without the pain and heartache of trying to make your own db functions in php and a text file.