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Yes and yes. Although I don't think it will work with PAL movies because of the region code. The BluRay is standard on all PS3's but you will need an HDMI cable to view in HD as it isn't supplied. Just buy the cheapest one.
It will work with all games, and most BR movies (only 20-30% of them are region locked, lists can be found online), DVD wise you'll be stuck with region 1.
Oh and it'll plug straight in with a plug adapter, no stepdown needed.