I've just asked the W3C Validator. Test based on XHTML Strict.
PCDATA, document text (<p>like that</p>):
allows '"' and '>' everywhere,
allows, but warns about '&' with non-letter after it (' & ', '&<tag>', '&123', '&# ' are fine),
does not allow '&' followed by a letter.
CDATA, attribute text (<a href="this one">): allows '"', if '\'' is used for quoting attribute (that='"is ok"'), '>', '&' same like in PCDATA, allows, but warns about '<' (including attr="<nontag>").
-- regards, Kornel Lesiński http://browsehappy.pl
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