Most of us pilots who never had the burning ambition to operate the gear and flaps on a Boeing (or earn more money doing something else) use the FAA system to modularly build up our qualifications and experiences as a hobby if you like while flying as Private Pilots.
One day maybe we'll get paid to fly, maybe not, or maybe occasionally, but at least I haven't run up £60k debt on the "off chance" that someone might pay me £20,000 pa to dodge thunderstorms in a King Air (though I have been offered the chance to co-pilot a CJ3 using my FAA quals). Under JAR there is no facility to do this, you either commit to it 100% or don't. This in itself is detrimental to flight safety as the FAA found out years ago.
I can also fit valuable safety equipment to our N reg plane - engine monitors which would cost an arm and a leg in fees to fit under EASA, and frankly I wouldn't have them, as an example.
We actually have our plane maintained by a JAR 145 CAA approved company, who work closely with an FAA IA who signs off their work, so by being on the N reg we still maintain our aeroplane to the same standards as G reg aeroplanes....The difference is the reduction in some fees and charges, and after hearing horror stories this week of ARC renewal fees at some places running up to £1300 (where the CAA only take £75) there is a definite tendency for aviators to be ripped off in the UK. Which is why I am glad to be out of the system.
If I was forced to go back to the G reg, I think I'd fly our plane to the USA and sell it, then only fly a permit aeroplane in the UK, and go and spend all my money on several flying holidays in the USA each year....and maybe fly something more exciting.
Note: Even some of the well voiced "experts" on here, while they like to give the appearance they are some sort of CAA apointed SkyGod, only hold JAA PPL's but use these "flags of convenience" and various EU loopholes to work their way into a paid flying job in Europe - perfectly legally I assume.