To partially confirm Sworlie's post... Apparently both NTSC and PAL versions work fine if you're using IOS57 as the base of your cIOS (and apparently Waninkoko's cIOS copes better with this game than Hermes cIOS). So, if you're struggling - install Waninkoko cIOS r20 with IOS57 as base IOS.
I've not tested it though, I'm still busy playing Goldeneye
::EDIT:: Also, apparently Waninkokos cIOS doesn't support NTFS loading so you might *have* to use Hermes (like I do). The game loads with Hermes cIOS using IOS57 as a base but I don't know if the multiplayer works or not... Yet!
::EDIT 2:: Confirmed LOADING BUT NO ONLINE PLAY (just doesn't connect) using Hermes cIOS/57... So if you're not using NTFS for loading, go with Waninkoko's