Are we sure MS isn't going to do something about this?
I'm considering doing it but I'm slightly wary...
I'm sure they'll make it harder whenever they sort out their region problems. That said, MS told people to do it so I don't see any bans coming:
http://www.neogaf.com/forum/showpost.php?p=76585023&postcount=19
It's totally different.
First - all games are WW signed. Not all 360 games are.
Second - The console will work everywhere (keeping in mind Power Supplies)
Third - You can use one of the 13 digital marketplaces corresponding to our launch markets, assuming you have a valid payment instrument for those countries. Lots of people in Europe specifically travel, move, and visit family.
Now, of course, if you were using Pre-Paid cards...
You will still find that music and video content can be geo-restricted based on licensing. (e.g. Netflix works only in supported countries)
but don't blame me if you get banned