Yes, as you indicate, you can import dvd's from different regions provided the player is set to the appropriate region. You can change the region on a player in the installer utility to allow importing, but you can only change a player's region up to 4 times. Once imported, the player will playback any DVD, regardless of region. If you have several players, you can assign different regions among the players to support regular importing of different region DVD's.
All of these region restrictions are part of K's licensing requirements with the CCA.
Jim