At a Q&A session at the Game Developers Conference, Sony Computer Entertainment Worldwide Studios President Phil Harrison announced that the Playstation 3 will be region-free for gaming. In other words, gamers can buy a game in any country and it will work on a PS3 bought in any other country.
The move, long-desired by import gamers, essentially demolishes the legal market for mod-chips and now allows Sony to crack down on piracy.
While games will work on any system in the world, it is ultimately up to the developer to put in localized languages either in the form of a full translation or subtitles. Thus, importing still may not be wise in all situations.