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Heya guys!

I'm in Australia. If I buy a game for PS3 (like MGS V), will it be region locked to the US? What will I miss out on?

I think you would need to play the US game in a US PS3 console for it to work correctly I believe. So if you purchase a game from Australia then it will be locked to PAL I think.

Check this out, not sure how accurate it is: https://en.wikipedia.org/wiki/Regional_lockout

Cartridges didn't have this issue, if I recall correctly.