I completely agree, with them being overrated that is. I've attended a couple GM events in the past, and well, I thoroughly don't like them. I can understand why they're there, and all the work that goes into to them, and I do appreciate that, but crowds really aren't my pot of soup. I try to make every post I make as detailed and eloquent as possible, and that works with the people I RP with, but not with enormous crowds.
And really, if you want an event for european players, why not make one yourself? So long as you take the time to think your event through, you can host a great RP too. The only difference between GM and player made events are that GMs have the ability to manipulate mechanics-- but it's not mechanics that makes RP fun, it's the people you're RPing with. Now I may be saying this just because I've been watching Eureka Seven recently but, "Don't beg for things, do it yourself, or else you won't get anything"