yeah, it wont work, unless you have your PS3 exploited with CobraUSB, since it will unlock your PS1, PS2, DVD/Blu-ray Movie Region restriction to Region-Less
PS1 games in any region works
PS2 games works fine on Full-Hardware PS2 on PS3 in any region (the partial SoftEmu works fine too)
DVD and Blu-Ray Movies works on any region, kinda sucks for Blu-Ray movies that had 3D thing since it ask for upgrade, but you can still playback the game in non-3D.