This seems somewhat biased (and perhaps hopelessly optimistic given the sampling methods), but it makes for some thought-provoking reading.
One thing it doesn’t actually address is that European IT salaries are comparatively lower than the US, at least based on my unscientific sampling, and that the market is still hopelessly fragmented – and until we’ve sorted that out, many Europeans will just move across the pond, taking their ideas and startups with them.