Shoutbox

As is currently the case, games will still be market-targeted, so a lot of Japanese RPGs won't be released in Europe for instance. But, there's nothing to stop you importing the game from Japan and playing it on a 'European' PS3, though you may need an NTSC-J-compatible TV to see it properly.
Games targeted at multiple markets may still not hit those markets at the same time, due to localisation. Especially for the European market, the game will still need to be translated. However, the huge capacity of Blu-Ray discs may allow all languages to be included on one release, allowing true global releases.