Rachel,
Strictly speaking, the Sherwood BDP-5004 is multi-region, not region-free. Different codes are used for the different regions, although I've seen several reports that people have received 5004s that can play any DVD out-of-the-box.
The two Sherwood BD players recognize exactly the same codes from their remotes as do the Momitsu players. (Supposedly Sherwood's out-of-production BDP-5003 works the same way as their current BDP-5004.) DVDBeaver's review of the Momitsu BDP-899 describes the codes (See
http://www.dvdbeaver.com/film/hardwarereviews/momitsu_bdp-899.htm ) As I mentioned previously, it's pretty obvious that the players are made by the same OEM. Momitsu, Sherwood, VisionQuest and the no-longer-made Curtis Mathis players are physically identical, with minor variations in their I/O capabilities.
I've been using my Sherwood BDP-5004 to watch British DVDs of [i]Blakes 7[/i]. I don't have any region B or C BDs, but others have reported that they play fine, too. I don't use the 7.1 analog outputs, but I've seen reports that they're quite good.
My understanding is that the BD and DVD licenses prohibit manufacturers from shipping region-free players, which is why that capability normally has to be added by 3rd party hacks. Supposedly Oppo got into a lot of trouble for advertising that their earlier players were region-free, which is why their current BDP-83 and BDP-80 players had to be region locked. Sherwood does not advertise that the players are multi-region, and all the documentation and back-panel print say that the players are for BD Region A and DVD region 1. Hopefully this will keep the capability under-the-radar so far as the licensing organizations are concerned, although it's been published rather widely on the Web, and a Web search finds it easily.