Not all is rosy. For one thing I was unaware of Sony's digital game policy. I sometimes download stuff from the US store, and once that was installed on my PS3, any user could play it.
However, now that is locked to my US account, and is only shared if I set the both accounts as the primary account on the machine. So no big deal really, except that the multiplayer is tied to the PSN account that it is bought with - so you need a PS+ account for both....I think. Haven't been able to test out multiplayer for The Show yet (some of it is linked to 'stubs' which have to be bought in the store, and I guess that would mean only accessing that content on the US account).
That has ramifications for DLC (would DLC work across accounts) if you originally bought the game on physical disc, and makes buying Madden on the US Store a no-no for me as it is all about the multiplayer and I need that to work.
Edit: Also you can only share gameplay videos through Facebook or Twitter