Moving back to EU is not an option guys. Reading between the lines, this is the "only" way they can stay viable as a company. Consolidation and co-location is what companies do when they're downsizing and stripping out all their costs to the bare minimum.
If the ping sux (and I don't doubt the effect it has) and you can't live with it then please leave the game because petitioning Funcom on this is - and I'm as certain of this as anything - not going to get the servers moved back.
Buff