I kicked myself when I saw that "Abre los Ojos" was on sale here for about 6 Euros when I had thought I had gotten a great bargain back in the States at 10 dollars. (But of course, the U.S. version is Region 1, NTSC, and has English subtitles
...And runs at the original projection speed.
For technical reasons, movies are usually sped up by about 4% when they're mastered onto a PAL tape or disc, whereas NTSC video recordings can easily use the original framerate. Oh, the useless trivia one picks up!
As for subtitles, all the Spanish films I've bought on Region 2 DVDs have had English titles. But then, they were all filmed in Catalan, so they're probably not typical cases. I quite enjoyed Ventura Pons' "Anita no perd el tren" ("Anita Takes a Chance"). It's hardly kiddie fare, but it's much easier going than Pons' heavier films.