Yes, all games are region free -- updates are region specific but that is dealt with on the server side, so if you're playing a HK import your game will download HK updates. DLCs I'm not entirely sure about, I *think* DLC is game specific -- same as updates; you'll need HK DLC to play on your HK game. If you've got a JBed PS3, you can usually just edit the param.sfo to get out-of-region DLC working on out-of-region games, though not always.
cyclone can give you more concrete info about DLC compatibility and what you need to do if you have a HK game (for example) - but you'll be absolutely fine importing games; they're completely region free ------- except ONE game; Persona 4 Arena. Atlus basically gave the finger to everyone, despite the outcry. Luckily you can create accounts on any region PSN and simply use PSN Cards to fund DLC purchases.
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