With a price differential that great, any European flight student
would be way ahead financially to simply rent a suite here while
attending our local flight school. We had a French fellow do that
here last spring, well before the run-up of the Euro; it makes even
more sense now.

The US is great for time building if you already have a license.. I
knew one Dutch national at my local airport who came over for a few
months and racked up all the hours he needed to go from a commercial
to an ATP and he told me it would have been far too expensive to do so
back home. I think the benefits disappear if you come purely for
primary PPL training since you would need $1000 for the airfare alone,
plus car rentals, apartment rentals etc which would probably add up to
more than the cost of a European PPL.