Welcome aboard to the CD Freaks forum!
As my LVW-1105HC+ and LVW-5045 both have no problems playing back NTSC and PAL DVDs and with widespread mention that the LVW-5505GDL plays both DVD formats, you should have no issue playing back both types of discs. However, in order to play back discs outside of your region, you will first deregion it or set it to the region of that disc. This is fairly straight forward by going into the setup menu, navigating down to the 'Exit' icon and keying in the digits 2, 9, 6, 0.
Unlike the LVW-5045, the LVW-5055GDL will only record to DVD in its native TV format. For example, if the DVD recorder is a PAL model, it will only record PAL discs. The LVW-5045 (which lacks MPEG4 & DivX) can record both NTSC and PAL discs. Then again, unless you need the ability to record in both TV standards using the DVD recorder, this should not be an issue.