Microsoft have confirmed a new tool, allowing you to switch your XBL Account's region with just a few clicks, however, it can only be done once every three months. That shouldn't be a problem for most people though. There are some things that won't transfer though, like region locked services, and Xbox Music Passes. But it will allow you to use the local XBL Gold and MSP cards and access region exclusive content in that region. Easier Region-Switching Coming to Xbox Live - IGN
Nice find, it should make actually getting an account in another region a lot easier. I know people who have in the past tried to make a US account for example and ended up with one in there own region.