I've actually done some research in this matter for my own sake. and my conclusions are:
PS3 games are region free but movies are NOT!
I live in Sweden, Europe and I have a european PS3. I have Imported Games from Canada. Wich uses the same region code as US, and they all work fine.
However there is one problem. The Downloadable Content from PlaystationStore in europe doesn't always work on my imported games. For example Little Big Planet has this problem. But as long as you buy the game in the same region as your PS3 account is registered, it doesn't matter.
If you would import for example LBP and want to use DLC, I happen to know this can be done by creating an american PS3 account and PS-store account when you live in Europe (should work to create a european account when you live in the US-region). I'm not sure if this is legal though. However then you can play the game on that account and the DLC works fine.
When it comes to movies though (BluRay and DVD), i've heard that an american PS3 can NOT play most european movies and vice versa.
Also note that the european PS3 is NOT backwards compatible, meaning it can NOT play PS2 games. It might be the same for the amreican PS3. I'm not sure.
I hope this isn't too unclear.
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