I haven't personally seen the To Welcome the Fade from Korea yet. But I do have the Korean version of The Pale Haunt Departure that the label sent me.
Yes, The End licenses our releases to other countries that are interested in selling our cds there. In Europe we're licensed through Candlelight. I don't recall what the exact arrangement is for Korea, but yes I do believe that the cd you saw for sale is indeed a legitimate release.
I don't think there's any major difference in the packaging between the Korean and U.S. versions, except maybe a sticker on the package that gives cd details in Korean. The only "variant" I know of right now, is that the Candlelight version of TPHD comes in a really nice slipcover version that we didn't get here in the States.
Oh, and going back a ways, the Pavement Records version of "The Knowing" that was released in Europe has a slightly different booklet layout, though it's been so long since I've seen it, I can't tell you specifically what the difference was.