running 2.2U in Japan on a Cyclowiz. Downloaded it last night, and patched with regionfree. Everything seems to run fine, except the lag in the one game I played was crazy. It also seems to take a little longer than I'd like to load.
Also, as for limiting to your region; is it a direct connection from Wii to Wii, or are the packets being routed through the net to some sort of central gamespy server then off o the other wii? If thats the case it won't make much of a difference if you live next door, would it?
I'll probably bring my wii over to my buddies house tommorow, and we'll log on to the same wireless connection for our WiiConnect24 and I'll see what the lag is like.