BARB divides the UK into 14 ITV regions, and 14 BBC regions, meaning advertisers can choose to only have adverts broadcast in one area - useful when promoting a area specific brand. Channel 4 uses regions (also known as Macros) so airtime can be traded fairly and to allow the targeting of a desired audience. The way transmitters work means there may be overlap between regions, so for example in parts of Kent, you'll be able to receive 2 TV signals: London and Meridian ITV. Your TV will choose 1 signal when you tune it.
There are also ISBA regions. ISBA (Incorporated Society of British Advertisers) are non overlapping ITV regions. You could live in one region, but receive 2 signals but only be in one ISBA region. This is because ISBA uses your postcode to determine which region you're in.
Remember, between now and 2012 the analogue transmitters will be switched off but regions will still be available to be bought.