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You are correct - PAL & NTSC are regional TV formats, and the links that Neale furnished go into a lot of detail on WHERE PAL-land is, and WHERE NTSC-land is.
Only real consideration is for us in NTSC-land is that our set-top players can only use NTSC material, while most newer PAL players can handle either - lucky PAL folk!
If you are in PAL-land, you do not need to consider NTSC, unless you have to send the material to the US, for instance. Then, you will need to convert everything to NTSC for us. For use in PAL-land, just ignore us... Every now and then, you will likely see our Presets, but just pass over them, and do not worry about them. Always just use PAL, and all will be fine.
Are 'tis lovely to be in PAL-land to be 'shure to be shure'
There are some other advantages, as well. To many, NTSC translates to Never Twice the Same Color! Plus, you get higher vertical resolution.
Enjoy, and good luck,