Yow, the PAL version hurts my ears, very slow. Not sure which is supposed to be "correct", I always assumed the NTSC version was how the music was meant to be heard.
Not sure whether you meant videogame format (and if so, whether it's formats for one console, like the difference between NTSC and PAL or region locking) or video format. There's probably business reasons and console safety reasons for sticking with specific formats.
I don't want region locking if there's no danger to inserting foreign cartridges (nevermind that I never import games anyway), I wonder how long videogames had to come out in separate PAL versions, and... well, regarding video formats, it should be easier for the Average Joe to import and export most video formats out there. I know that there's codecs to deal with, containers, proprietary formats, possible differences in how much you can edit, the inevitable loss in quality when converting from one format to another... but it should be trivial today to go between AVI and MOV and WMV and MP4 and MPEG and QT and FLA. There's open-source programs to do that, but I'm always astounded that it's difficult to find a free no-trial program that does a good enough job at conversions.
I'll just assume you meant videogame format.