[Nexus 4 Q&A, Help & Troubleshooting] ohyeahar:
Let me start off by saying that I reside in Hong Kong where the only content available on Google Play is apps. That means no Books, Music, Magazines, Movies and TV, and no Devices (i.e. Nexus).

I've successfully purchased Music, Magazines, Movies, TV shows, a Nexus 7, and two Nexus 4's. So I'd say I'm quite alright with working around the restrictions.

If you want to download apps, there's no problem. If the app isn't available for your region, just use Market Enabler and you'll be able to get the app just fine. The only possible problem you'll encounter when it comes to apps is if the app is deemed incompatible with your device. I've yet to encounter an app that I couldn't get from Google Play because of my region.

The other stuff from Google Play may be problematic. If you use Market Enabler and a VPN, you'll be able to see them in the Google Play app. But you can only make purchases with a credit card that's linked to a US address. Furthermore, even if you are able to make the purchase, you may encounter problems with downloading the content you purchased.

Here's my own experience with purchasing Google Play content from Hong Kong.

Books: Downloading and viewing free books works fine. I've not tried purchasing books since I'm not too fond of the Google Play Books app and prefer using Amazon Kindle.

Music: Purchasing or even downloading free tracks requires a US credit card. Purchased music will appear in Google Play Music app where you can stream or pin (i.e. download for offline use) it.

Magazine: Purchasing anything requires a US credit card. Purchased magazines will appear in Google Play Magazine app. No issues with downloading.

Movies & TV: Purchasing anything requires a US credit card. Purchased videos will appear in Google Play Movies & TV app. Up until just fairly recently, downloading my purchased videos was impossible as long as I was in Hong Kong. I tried almost everything from using a VPN and Fake GPS. I just kept getting an error message saying "Couldn't download: This video isn't available in your country."

About a month ago, I discovered that video downloads suddenly worked. Perhaps Google was preparing to expand its store. I don't know. But it works. I still have to use Market Enabler + VPN to access the relevant section in Google Play and I still need a US credit card to make purchases, but downloading even without a VPN works. I've since made several purchases all without issues.

For a lot of people, getting or faking a US credit card is the problem. I don't have a US credit card. All I did was added my American Express card details into Google Wallet. It's a real card and I used my real name, number, and expiry date. The only thing I "faked" was the billing address. I entered a US address of a relative and it works just fine.

If you're curious and want to see if making purchases and downloads would work for you, just try it out. If it doesn't work, just contact Google for a refund. A while back, I purchased a movie but wasn't able to download it as described above. I just honestly told Google of my situation and my purchase was refunded within a day.

By the way, you should know that if you're running stock ROM, the OS will automatically disable some apps that are region-specific. That includes the apps for Books, Magazines, and Movies and TV. You'll need to manually enable them on every boot if you want to use them. Or flash a custom ROM where this behavior is often disabled.