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Quadrille - 10:15 pm on Feb 29, 2008 (gmt 0)
You certainly could have myriad local sites, but compare the resources you'd need to apply to build, maintain, market, seo - and avoid duplicate content. Rarely worth it. Even if you want to accept different currencies, that can be done on one site. This advice does not apply if different languages are required. Should you decide to proceed, however, don't go down the 302 route - use 301 permanent redirect.
I'd always go for the easiest route - one .com