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After a little experiment I don't think they go by IP address. I ran through the ordering process up to the paying section and everything went okay. If they actually use regional restrictions (it isn't mentioned in their ebook faqs, unlike websites that do have restrictions) it's probably connected to either the physical address or the credit card address.
As I said, I'll test it when I have my reader. If I get blocked I'm going to be very annoying to them because I will be using their .nl website to order it, it's only logical that since they use a Dutch url you can buy anything they offer in that store.
I agree that the regional thing is stupid, even more so within Europe.
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