A little googling found that Region 2 is Europe, including France, Greece, Turkey, Egypt, Arabia, Japan and South Africa.
The funny thing is, Japan is NTSC, whereas the rest are PAL.
Basically, the difference between NTSC and PAL is output resolution and frames per second. PAL does 25 frames per second and has a higher vertical resolution image (not sure how much), whereas NTSC is 30 frames per second (about... actually something like 29.95) with a slightly lower resolution.