Is NTSC And PAL A Factor For IP Cameras?

Short Answer: No, it still has a minimal impact on digital devices.

Longer Answer: PAL and NTSC derive their frame rates based on the regional ac (mains) frequency/2, which are 60/2=30 and 50/2=25.

Changing between PAL and NTSC can have an impact on the fastest framerate the camera can support, e.g. 30 for NTSC and 25 for PAL.

This localized framerate can reduce flicker when used with legacy lighting.

More: Does PAL/NTSC Matter Anymore When Using IP Cameras And HD Displays Via HDMI?

Americans - Why Not Get 20% More Resolution For Paying Nothing?

If it's a resolution setting, it just means you'll get 720x486 (NTSC) or 720x576 (PAL). If it's another setting, it may refer to powerline frequency (60Hz for NTSC, 50Hz for PAL) and you should set the approriate one to avoid flicker from fluorescent lights.

From a powerline point-of-view, analog power frequency is important to observe. 

Syncing a 50 Hz or 60 Hz signal is important when the signal is received as an electrical impulse.

However, because TCP/IP/ethernet is fundamentally digital, the '0's and '1's become the important part, not amplitude/frequency of the signal and how it is processed.

UD#2 makes a good point about legacy lights.

We used to have problems with a bunch of Pelco's IX and IM series cameras. Power was DC PoE, and the building had such lights (from early 1990s). While often apparent depending on the frame rate and exposure settings, with these models the strobing in the picture was generally very pronounced, triggering motion detection unless sensitivity was set very low (getting those settings to work properly was a huge problem in itself). It was quite a typical office hallway scenario, nothing tricky.

The actual solution that helped was installing electronic ballasts for the lighting. A workaround before that was setting the frame rate to a multiple of 5, by first lowering the resolution a bit (for example 1280x1024 -> 1280x960) to get the working option of 5 or 10 IPS (50Hz here) and picking either of those. Why not 20? It didn't offer the option unless we lowered the resolution further. A lesser adjustment was tweaking exposure to smooth it out.

Obviously it's a bummer to have to reduce resolution, image rates, quality and sensitivity to get stable footage. An IP camera powered from mains may sync fine with any resolution but this seems to vary with models too. PoE cams in my experience are typically able to handle the strobing - not perfectly, but decently. These particular ones weren't very good at it, I suppose. Thankfully it's becoming less of a problem in general.