When I watch golf, it's often the European Tour because I'm more likely to be hanging around the house in the early morning or late night than in the afternoon. One observation is that, because the fields aren't as deep as on the PGA Tour, the more well-known players are often at the top of the leaderboard--I like that for viewing purposes. Guys who were very elite players on the European Tour and then made the move to the PGA Tour--people like Adam Scott and Trevor Immelman--find winning on the PGA Tour more difficult.
Having said that, I do think we tend to overrate the merely good players in the U.S. (people of lesser ability than Furyk and Mickelson)--the Ryder Cup often demonstrates this. I also think we tend to underrate the difficulty of living and playing in a foreign country. There's a comfort level that's missing for players like Westwood and Harrington when they're on the U.S. tour. Imagine some of the pampered U.S. players trying to live in Europe. They bitch so much about the weather, food, water pressure, television, you name it, when playing the Open Championship and the Ryder Cup, I honestly don't think many could handle it.
Re: Faldo and Seve, Faldo played the U.S. Tour full-time for a short while before he re-worked his swing with Leadbetter and after his final Open Championship. He played the U.S. tour when he won the Masters in 1996, but there's no doubt his best years were in Europe. Seve didn't play the PGA Tour very often, as I recall. I don't think their records in the U.S. prove much, one way or another. Obviously, they were great players--6 and 5 major wins, respectively.