Oh, those region lockouts are software based, you can switch most DVD-players back and forth a few times. There are some tools out there to disable region lockouts on a pc's dvd player. It's all so companies can sell more distribution licenses.
And that latter thing is probably the problem with releases, legal issues. ESRB only rules in America, about every European country has its own rating entity that needs to go over the game. Transalations need to be done, which all require different companies per country. But then comes the really icky part, getting all the different publishers together to release them on the same date, organising shipping with all the cross-border taxes and regulations that differ per country, and since the EU release is usually a single day for every country in it we all have to wait for the slowest common denominator (whoever that may be, I have no idea, Germany perhaps?).
Btw. We get a few games earlier here. King of Fighters XI for PS2 was out for over a year in the EU before hitting the US (courtesy of Ignition Ent.). There are also a few games that are never released stateside, Singstar had two iterations in Europe before crossing the pond I believe. But compared to the lot that never cross the other way that's a small percentage. At least its easier to import games from America to Europe than it is the other way around.
pps. (JakubK666) Need a reason to buy a PS3? Because you're sure you can get ALL the games, as they made them region free. I think that's part of the reason why the 360 is nowhere near in the stranglehold position it has in America, because MS thought it was funny to region lock the thing again and personally I'm tired of getting shafted, so with a PS3, if a game comes out for my system anywhere, I know I can always import it. And the system coming out later didn't really bother me, as I planned on waiting for VF5 anyway.
ppps. Playing an NTSC game on a PAL TV will create a black and white picture with scanlines and can create sound problems, not just some bars, most games become practically unplayable.