Some NTSC games are region free. For example, my copy of Dead or Alive 4 and Gears of War are marked NTSC on the box/disc but they play perfectly ok in my PAL 360. So my point is no, they are not different things. Don't look at it as a TV display thing, it's simply USA/Japan/Europe region coding.
Most recent USA games (obviously marked NTSC) are region free and will play in a PAL 360 even on a crap TV via composite cable. The major exception to this rule is EA games as they are always region locked.