Yes, that's right. In the TechCrunch thread about this, "Valentin" noticed that this is documented in their FAQ as well. The reason given is that the item being sold off may not be available in one of the countries. I (@dmolnar) gave an example where the US bidders win an iPhone 3GS, while the UK bidders win a 3G. Quite different propositions!
Pierre Carion then pointed out that as far as he can tell, the API doesn't even count the type of currency. So even though it's not remotely fair, a 100 USD bid will beat a 99 EUR bid just because it's the most recent bid.
