Hi, I am a 360 and Ps3 owner, I live in the US and am moving to Spain. Instead of having to buy all new equipment i was thinking of getting a step down transformer to power the consoles. My question is for people that import games, I've read that you can't and can play foreign discs for the ps3. Ive read the 360 cant play on a Euro hdtv. Are the consoles themselves region locked or do they base it off the internet connection. 

 Any tips or suggestions from people who have imported the consoles would be really appreciated. I want to keep my xbox live friends from America so how does live work in Europe. Should I bring my tv.

 Im not exceedingly rich and would rather keep my money to get settled, But I love gaming and am trying to keep all the saves and stats from both consoles. I want to keep my character from Mass Effect, Sad i know but that is my favorite game this console. Does anybody in Europe have the Netflix deal. I will be moving to Spain if that has any effect on any aspect.

 Thanks in advance.

Both my ps3 and 360 are the US versions. There is no issue with European HD TVs. SD is a different story, although most SD TVs in Europe (that are not ancient) support NTSC anyway. But you'll likely have a HD one.

PS3: you can play any Bluray games, regardless of region. Game addons though are usually not compatible across regions, so you need to buy the addon from the PSN store for the region your BR disk is from.
BR films region locking is up to the publisher, region free ones will play on your PS3, region locked European ones won't.
PS1 and PS2 games are still region locked for the PS3, if you intend to buy any new titles for those.
US PS3 won't play PAL DVDs, even those that are region free.
PS3 doesn't need a stepdown adapter, the internal power supply is universal. You just need a normal computer cable.

x360: some games are region locked and will only play on the matching region, some are region free. http://forum.xbox-sky.cc/xbox360_regional_compatibility_guide/ is a good listing that includes EU versions.
Region free games work on all region consoles.
DVDs are region locked, however the US x360 will play region free PAL DVDs. (that might also depend on the drive though, mine's one of the last Falcons, whatever went in that).
You do need a stepdown adapter for it.
Not using Live Gold, but my Silver account is still US registered - at the very least there is no IP blocking. Not sure whether new credit card biling address will be a problem, or whether EU MS points cards work for US network, but US cards are fairly easy to get online anyway.

I don't think Netflix is available anywhere in Europe.

Thanks, That was one of the most concise and clear answers I've read. The reason o asked about netflix is that I have it on my US gold membership and wondering if it will stay with membership when i move. Thanks again though that clears up a alot.

PS3 is region free for PS3 games, and has a universal PSU so you won't need a step down transformer for it either. There is no difference between NA HDTVs and EU HDTVs like there was back in the NTSC/PAL days, so both consoles will work fine on a European HDTV.

Sorry, I don't know what the situation is with X360 PSU or Xbox Live.

I believe Blu-Ray discs are region locked.

Seems the PS3 is good for worldwide usage, Can European gamers access the U.S. PSN store and vice versa?

PSN store is chosen by whichever country you have set for your account address, so your current account will automatically bring up the US PS Store. If you want to access EU or JP stores you'll have to set up an additional account with an address (hotels are good) from that country.

Yes, US PSN store is accessible from Europe, and also not picky about billing address. Works with my card + made up address.
EU store on the other hand needs at the very least matching country between registered and billing address. I don't know how this affects non-English stores, whether their games are translated and whether you still have a choice of language. In other words if you want to buy from the UK store and register an UK address for it, you might not be able to pay with a credit/debit card with a Spanish billing address.

Thanks. Question for all, Does anyone use different accounts on the same console?

I have US, UK, JP, and HK accounts on mine.