Actually, no it doesn't. North America uses NTSC and not PAL. You can still use your PS3 but you won't be able to play any of your old PS1 and PS2 games as well as DVD's. Also, I think you have to purchase Blu-Ray movies from NA or Japan as they share the same region. New BD games are region free but BR movies aren't. Sorry :(
The problems with using a US PS3 in europe: PS1/PS2 games region locked for US games US Standard definition picture (NTSC) does not match the European stantard (PAL) which may cause issues on regular TVs, not quite sure about Hidef TVs though Bluray movies will be region locked for US region. Europe has a different region Power wattage differances which means you'll need a converter for the plug to get it to fit a Euro outlet.
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