You need to have dual nand setup for 360 to go online where you dual boot between hacked/original system(so yeah online games would have to be original)
In 360 games work according to their region where pal game will work on pal console and ntsc game will work on ntsc system
In ps3 system can be software modded till 3.55 system fw and above that you need a 5000Rs device to play backups/downloaded games
There is a risk of getting banned on software modded ps3 but there are some prevention methods which i use and i am fine, the device hack ps3 can go online without any problem and play pirated games online
PS3 is fully region free and can play games from all three regions(europe,us,japan)
There is a rumour that a Brazilian hacker had a breakthrough in ps4 hacking today...will update later if story is real or not