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Globalization techniques used for currency and language could be applied to these elements as well (address drop downs, localized spellings in text &etc) as product features.

This isn't about being arrogant, it's simply about catering to the needs and preferences of the customer. Product installed with UK English language as the default should use those spellings appropriate, not just assume American English will be "good enough". Drop downs and similar elements should default to those forms most convenient to localization, not the authors.

It's about Lingo, not Jingo.