The PS3 isn't region free. Asia and the US are going to be in the same 'Game Region', while Europe is still separate. US and Asia both use NTSC type TVs while Europe is still PAL.

I'm not sure if the PS3 will actually be locked down so that PAL PS3s can't take NTSC games, but it sure would confuse the system if there wasn't some kind of system in place so that it knows to re-translate the data appropriately.