I always thought the Auzzies drove upside down, since they live down under... heh, heh..
My Apex and Daewoo players have P/N switch, and with a firmware change support the Daewoo will transcode the NTSC to PAL or vise-versa (The Apex does it natively). Many other players in the US also have P/N functionality. Personally, I don't try to convert, just make a PAL disc region free and reburn it (like the Allo Allo series from amazon.co.uk I picked up). Let my player convert it for me, and avoid the jerkiness of transcoding.
I guess if I really need to change something from PAL to NTSC, I will just play it in my Apex, set the output to NTSC, stream it through my Sony DV camcorder via Firewire to my PC with Scenalizer, and then convert the AVI to MPEG2 and use TMPGEnc DVD Author to make the MPEG into VOBs with menus and such.