It is region free so retail games should work just fine. If you want to have more then one PSN account then you will need separate memory cards and switching from one account to another is not that straight forward. PSN content will most likely be account specific like it is on the PSP Go. Also any DLC for retail games will probably be region specific like the PS3, so for example for a Japanese game any DLC will have to be paid for and downloaded from the Japanese PSN and will require a valid credit card account on there or a Japanese PSN card. In all honesty importing is more hassle then it's worth in my opinion.