All current chips allow you to play ALL games from your own region, and *some* from other regions, either directly using the chip or by applying RegionFrii 1.2 patch. We are lucky we can even play own region backups, they were saying it would be impossible to crack the wii, only 3 months into its life and already fully working chips and dumped isos... its a dream come true!
Region compatibility will be better later on and so too im sure will RegionFrii patcher in later versions. Just need to work out the region code differences in certain games.
On a plus side, PAL and USA games are only days apart mostly when it comes to releases. The whole region thing was a mistake anyway, DS and PS3 (PS3 SUCKS!) are region Free, and PAL wii games come out so soon after or same time as NTSC, so the whole thing about stopping people importing them is pointless in the first place! Hopefully they give up on the idea and just release games as region free. :-)