Currently I own a Korean Xbox 360, as I bought it in Seoul while living there years ago. Since moving back to the US I have not bothered buying any new games mainly b/c I don't want to deal with having to worry about region locking.
It will be interesting to see how ownership and digital files interact in the future. Do I even own any of my digital files?
It looks like Microsoft doesn't anymore, either. The "no region locking" announcement today was an unexpected surprise.