It's totally different.
First - all games are WW signed. Not all 360 games are.
Second - The console will work everywhere (keeping in mind Power Supplies)
Third - You can use one of the 13 digital marketplaces corresponding to our launch markets, assuming you have a valid payment instrument for those countries. Lots of people in Europe specifically travel, move, and visit family.
Now, of course, if you were using Pre-Paid cards...
You will still find that music and video content can be geo-restricted based on licensing. (e.g. Netflix works only in supported countries)