Depends on your definition of 'work'
All it does is adjust the X & Y fix positions of the screen so that it displays correctly (in colour, without vertical roll) on a non-compatible TV. It doesnt actually convert the whole game, if that's what you were thinking. However, it sometimes corrupts the image, or cuts off more of the screen than is desired.
You're much better off in a PAL country, buying a fully-wired true RGB Scart Lead for PS2 (at around £3 - £8) which will automatically convert the signal for you & also give a much clearer & vibrant picture on all games.
hehehe,probably the only good thing about living in the u.k...> not much problems with ntsc/pal regions
make sure you get the 21 pin scart lead,and dont be a tight arse,and buy a cheap one from the local pound shop