If you want to know for sure - try my new tool: http://oy-oy.eu/google/world/
It puts two sets of Google results right next to each other - taken from different corners of the globe, even in different languages if you want. Compare the results of your own local search to the results in China (or Switzerland). See how the results change (or not), see how the PPC advertising changes.
It's hard to work out queries that make sense to be highly geotargeted. We looked at numeric queries (eg, "1", "2", "3", etc.) here in the forum a while back, those certainly change a bit. I tried somethings that should at least target different ads ("law", "lawyer", etc.). What else would make sense to target?
What I found highly interesting is that there seem to be only a small number of regions with different, geolocation adjusted results and all other regions share the same results. Previously I thought the results were always slightly geotargeted, but it does not appear to be so.
Let me know what you think! Give us some interesting queries if you notice anything
John






