> Wasn't this the reason behind different versions of the game for PAL and NTSC etc.? So I imagine the games would play quite similarly, just with a lower refresh rate in Europe?

Yes and no. Some games play at a similar speed but some (most if I recall correctly) weren't modified for the PAL market so they play slow and the image is squashed down. Street Fighter II on the SNES (PAL) is a classic example of this.

Damn, Street Fighter 2 on the SNES is literally the first game I remember ever playing. I never knew I was playing an inferior version!