Australia to follow hopefully. In terms of how it will affect pricing – if at all remains to be seen. I am still waiting for Fallout 3 to drop under AU$100 via Steam.
We have started a beta to test localised currency in Pound Sterling and Euros on Steam. To join the beta, click http://store.steampowered.com/?localizedcurrency=1.
You will need to use this link each time you wish to purchase in localised currency during the beta. Your having opted into the beta is only saved for the duration of your browser session. Pound Sterling is available only in the United Kingdom; Euros are available only in Europe.
You won’t be able to actually purchase if you manually set the store to a country/currency other than that in which you actually live.