This is coming a bit late, but you should have no problems getting 360 games around here in Hong Kong if you own a NTSC U/C console. Recently 90% of the games here have been region free even though they do read NTSC J on the cover. My suggestion would be to go to play-asia.com every time before you decide to purchase a game to see whether the Asian version of a game is compatible to a US/Canada console or not. Hope this helps!
P.S. Yes, you can use your Xbox here, but you won't be able to use Netflix or download movies from Live because they're region-restricted. Also, Games on Demand won't work (at least it hasn't worked for me so far).