I have the US version of MW3 that I picked up before the release date from Dungeon Crawl in Melbourne for $60. It's NTSC and runs fine on my PAL console. I've received all title updates since launch automatically. And my "Aussie" purchased Elite account
syncs just fine as well. If the game is region free, it's not an issue to receive updates etc. If it's region locked, well you're not even going to be able to load the disc up, let alone worry about title updates...
As the poster above said, PAL & NTSC is pretty much meaningless in the HD world now. The game will either run at 720P or 1080P and 50-60Hz isn't an issue also if you have a TV that was bought within the last 5 years...