Rumors were circulating at the time of announcement that the console would be region locked, but Sony never actually commented on the matter. Well, thanks to NeoGAF and the console being out, we now have the answer. Seemingly, the console is not region locked and US/EU profiles can be used just fine if transferred over from your handheld Vita (just use the same memory unit) but you will not be able to access the PSN Store.
Why? Well, the console is not even announced for US/EU yet, there are no servers up for those territories so it won’t find what it’s looking for. So if you were looking into getting a Vita TV solely to play your free PS Plus games and don’t have a way to obtain them through a normal Vita or through PS3/PS4 (because I think that would work?) you’ll be left unsatisfied as you just won’t get a hold of your games through the Vita TV just yet, not until it’s set up for release in US/EU.
This is how the situation is currently looking and if any details change or if any corrections are made, I’ll be updating this post. But right now, seems imports will be just fine if you’re prepared for this.
Also, trophies are working just fine.