¿Cuál es la forma más eficiente de normalizar el texto de la columna en una tabla?

Si tiene un número máximo de columnas, un pequeño XML dentro de una APLICACIÓN CRUZADA.

Si no lo sabe, tendrá que pasar a DINÁMICO.

Ejemplo

Declare @YourTable Table ([ID] varchar(50),[SomeCol] varchar(50))
Insert Into @YourTable Values 
 (1,'[Key1:Value1:Value2:Value3:Value4:Value5]')
,(2,'[Key2:Value1:Value2:Value3:Value4:Value5]')
,(3,'[Key3:Value1:Value2:Value3:Value4:Value5]')

Select A.ID
      ,B.*
 From  @YourTable A
 Cross Apply (
                Select Pos1 = ltrim(rtrim(xDim.value('/x[1]','varchar(max)')))
                      ,Pos2 = ltrim(rtrim(xDim.value('/x[2]','varchar(max)')))
                      ,Pos3 = ltrim(rtrim(xDim.value('/x[3]','varchar(max)')))
                      ,Pos4 = ltrim(rtrim(xDim.value('/x[4]','varchar(max)')))
                      ,Pos5 = ltrim(rtrim(xDim.value('/x[5]','varchar(max)')))
                      ,Pos6 = ltrim(rtrim(xDim.value('/x[6]','varchar(max)')))
                      ,Pos7 = ltrim(rtrim(xDim.value('/x[7]','varchar(max)')))
                      ,Pos8 = ltrim(rtrim(xDim.value('/x[8]','varchar(max)')))
                      ,Pos9 = ltrim(rtrim(xDim.value('/x[9]','varchar(max)')))
                From  (Select Cast('<x>' + replace(replace(replace(SomeCol,'[',''),']',''),':','</x><x>')+'</x>' as xml) as xDim) as A 
             ) B

Devoluciones

ID  Pos1    Pos2    Pos3    Pos4    Pos5    Pos6    Pos7    Pos8    Pos9
1   Key1    Value1  Value2  Value3  Value4  Value5  NULL    NULL    NULL
2   Key2    Value1  Value2  Value3  Value4  Value5  NULL    NULL    NULL
3   Key3    Value1  Value2  Value3  Value4  Value5  NULL    NULL    NULL

Debo agregar, el ltrim(rtrim(...)) es opcional y el varchar(max) es mi valor predeterminado demostrativo.

Declare @S varchar(max)='
[Key1:Value1:Value2:Value3:Value4:Value5]
[Key2:Value1:Value2:Value3:Value4:Value5]
[Key3:Value1:Value2:Value3:Value4:Value5]
'

Select B.*
 From  (
        Select RetSeq = Row_Number() over (Order By (Select null))
              ,RetVal = LTrim(RTrim(B.i.value('(./text())[1]', 'varchar(max)')))
        From  (Select x = Cast('<x>' + replace(@S,char(13)+char(10),'</x><x>')+'</x>' as xml).query('.')) as A 
        Cross Apply x.nodes('x') AS B(i)
       ) A
 Cross Apply (
               Select  Pos1 = ltrim(rtrim(xDim.value('/x[1]','varchar(max)')))
                      ,Pos2 = ltrim(rtrim(xDim.value('/x[2]','varchar(max)')))
                      ,Pos3 = ltrim(rtrim(xDim.value('/x[3]','varchar(max)')))
                      ,Pos4 = ltrim(rtrim(xDim.value('/x[4]','varchar(max)')))
                      ,Pos5 = ltrim(rtrim(xDim.value('/x[5]','varchar(max)')))
                      ,Pos6 = ltrim(rtrim(xDim.value('/x[6]','varchar(max)')))
                      ,Pos7 = ltrim(rtrim(xDim.value('/x[7]','varchar(max)')))
                      ,Pos8 = ltrim(rtrim(xDim.value('/x[8]','varchar(max)')))
                      ,Pos9 = ltrim(rtrim(xDim.value('/x[9]','varchar(max)')))
                From  (Select Cast('<x>' + replace(replace(replace(RetVal,'[',''),']',''),':','</x><x>')+'</x>' as xml) as xDim) as A 
       ) B
 Where A.RetVal is not null