Import Duty etc can be high. Might be worth asking some of the folks who bought via Digital Rev - it seems a steal, but they don't include Customs & Excise, VAT, handling charges etc.
The penalties for coming through customs not declaring could be high, wiping out any chance of profit (and flagging you on future trips). Also - for Canon - aren't the warranties region specific? I looked at Gibraltar import, but in the end the tax cost after declaring, and the issue of a non-Europe warranty ruled it out.