Huh? I think you're confused...PAL and NTSC are two different preferences for frame rates in television that vary between continents...They're not monopolies...They just exist because electricity runs on different frequencies in Europe than in the USA...
I'm not confused--the point was that NTSC and PAL are two different standards--PAL has slightly higher resolution, NTSC has a higher refresh rate. But the two are incompatible--an NTSC TV can't display a PAL signal properly. Multisystem TVs which convert, can.
But HDTV standards (720p, 1080i, 1080p) are universal. There is no "720p PAL" or "1080p NTSC." As standard definition is phased out, we'll be left with uniform standards--in other words, unless they mindlessly region code the games out of fear of competition (i.e. Nintendo wants to make British people pay more for games, and not be able to import other region's games more cheaply), you'll be able to play any game on any system, and they should all be released worldwide at the same time, except if other-language versions are needed.
not entirely correct. in fact all the HDtv's here are capable of running both 50, and 60hz, or more (my pc monitor/37"hdtv runs at 75).
and alea is right, the PS3 has already started this wave, with all games being region free.
The PS3 is region free itself, but region-coding is left up to the publisher. Some PS3 games
are region coded. And a lot of PS3 games are censored in certain areas--for instance, if a Japanese person imports GTA4 from the US, violence can (and will) be censored. The PS3 has this functionality built into it.