Laserdiscs did not have region coding or macrovision. as long as your tv/display/player decoder NTSC(japan, usa) or PAL(europe) matches the laserdisc being played (i.e NTSC Japanese LD on NTSC US TV), you wont have trouble watching them.
other than about 10 laserdiscs(which are extremely expensive now), there was never a anamorphic (in other words "enhanced for widescreen tvs") laserdisc. so widescreen laserdiscs have black bars above and below the picture. Ld has a resolution of 420 analog lines(480i is displayed on tv) so about a 100 pixels or so from top and bottom are black bars reducing visible video to less than 400 pixels. on full screen all 480 pixels are used. ld era tv shows in original are shot in 4:3 ratio so you have the full resolution and no loss from convertion.
ntsc laserdiscs can carry 2 pairs of audio tracks. left and right analog, left and right digital. analog tracks are similar to Hi-Fi VHS or better. digital tracks are same encoding as todays music CDs. uncompressed in PCM form. now a ld can substitute one of the analog tracks for Dolby Digital(i.e L cd is mono commentary track, L ch is 5.1 DD). Both of the digital tracks combined can be used for DTS 5.1 as well. DTS on ld is 1.5mbps in bitrate which is twice of dvds. there are some blu-ray discs with DD only. an LD with DTS or 2ch uncompressed PCM Dolby Surround can will sound better.
laserdisc video is composite in nature. there are some players with s-video out however none with component or higher. those combo players do not output ld picture tru component(dvd only)
you want to buy a pioneer player. models numbers are 5xx,6xx, 7xx and Elite line-up. higher the number better the picture will be. you dont want any lesser than 7 series. ld picture heavly depends on players capabilities and good quality cables.
you can use a newer generation video processor. modern flat panels displays do a poor job on processing analog signals. other than pioneer plasmas, none will give you satisfactory picture quality. a video processor can improve the picture quality but you have to know what to expect. LD picture can match dvd on full screen content on very good equipment but that about it.
japanese lds will have japanese subtitles burned on image(can not remove) lds have no subtitle option other than close captioning. foreign movies from foreign countries will not have english subtitle options. US lds will have eng subs burned on image.
older ld player do not have dolby digital out(can be modified)
collecting lds is addicting but a pointless hobby. I am in the process of spending 4000+ us dollars on a video processor and 4000+ us dollars on a new laserdisc player(and already spent thousands for what i own) which will not give me any better picture than $80 dollar magnavox blu-ray player. but i just cant stop myself