Regardless of whether there will be any problems playing back footage, have you looked into whether or not the warranty that comes with it covers getting it fixed in England? If it develops a fault or you accidentally drop it and need to get if fixed will you have to pay for it or will the American warranty cover it?

I'm not 100% certain but you may need to check up and see if American warranties cover living in the EU. The camcorder will indeed shoot in NTSC format but as most modern tv's etc have both PAL and NTSC playback there should be no problems there. The PAL screen is slightly bigger than the NTSC screen in Standard Def video so you may get black bands at the top and bottom of the screen and there may be subtle colour differences.

__________________
Better than a poke in the eye with a pointy stick any day...