That would be quite a revolution and would allow a significant “parrallel” market of foreign titles in all countries, especially japanese titles (former NTSC-J) in north america and europe, such as american titles (NTSC-US) in europe. That is somehow already the case, but it has always been condamned by both legal authorities and console manufacturers, to such an extent that major games dealers have prohibited the importation of foreign region games.
Eventually, it would lead to close release dates worldwide for major titles, while it’s currently usual to wait several months between the japanese and us/euro release.
I can’t wait for regions to disappear if they are to !

@Mike: there’s a high possibility that it concerns PS1 and PS2 games as well, as coding is only preventing games from starting, while any game is playable on any console technically (for instance, developpers PSx play all kind of games, including CD-R or DVD-R games, for abvious reasons).

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