For Americans, the PAL - NTSC format difference is often a bigger issue than the region coding.
A great many DVD players can, as you mentioned, can have their region coding changed (including to Region 0) through undocumented (relative to the official users manual) remote control command sequences ...... although some do require a more hardware based solution, such as changing dip switches inside the box (and any opening of the box tends to void manufacturer warranties).
However, the majority of DVD players and TVs in the US can not read the PAL format. To be sure, there are a number of models that do, but it's not something that you can assume will be true of any given brand / model that you buy without checking that specifically. You have to go out of your way to figure which of the models you're thinking about will play / convert PAL.
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