As far as PS3 games go, this is true for the most part. The two things to keep in mind is the add on content of games (call of duty 4 maps as an example) are region coded- you would not be able to use add-ons from the UK store to work with a North American copy of a game. As well, a number of games are regional for online play, not global- buying the NTSC version may find yourself only able to connect to North American players and unable to play friends from your area.