I am absolutely uncertain of what I should do and the ongoing discussions regarding the operation of N-registered aircraft in Europe, flying with foreign licenses and all the other 'improvements' which are currently discussed don't make it easier.
CAMO and avionics inspections also kind of spook me off. I think I start to loose the motivation for owning an aircraft. If only the useful load of microlights wouldn't be that bad, I would simply stick with them....
That is exactly how a huge part of us feel. I am in the "comfortable" situation of owning an airplane which is of the same register as the country it's operated in and the license I hold (all Swiss). Yet I am constantly discovering new threats to GA from all over the place. Yet, if we all just fold and hand over and trash our dreams into the bureaucrat's dustbin, what good will that do?
Practically, with your FAA license it would be the easiest and most economical way to go for a N-reg, were it not for the loom and gloom of EASA's guilloutine threat on that. Other than that, it is in my opinion the best way to go. Lots of choice and all those STC's available give you a much better bang for buck than European. Other than that, I can see some interesting looking PA28's on German register around as well.
Friend of mine runs a G-reg Mooney M20E in Slovenia, maybe you'd like to ask him how he cares for this. His blog is here :
http://jsenegacnik.********.com
He also used to run a D-Reg Piper there. He'll probably be able to give you some insights on how to operate a G-Reg outside Brittain.