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Dammit...late to the party(and still with a hangover from last nights party.)

I've got just the Hong Kong account, and of course, the US one.
I've got a couple questions, if anyone would be so kind as to indulge:

1. I was thinking about getting a Euro account but a friend told me that they don't have anything really different on it than the US one. Strictly speaking for demos and other free stuff, is it worth it?
2. Does anyone know if those PSN cards will work on foreign accounts? As in, if I want to buy something on the Hong Kong store, or if kowenicki wanted something on the US store(exchange rates would be favorable in his case.) There are lots of PS1 RPG's that I've never even heard of on Hong Kong that I can't buy.

Thanks!