there is no real difference. i think the difference would be that the US ones would be more secure and reliable. You can host anywhere in the world. can i suggest yahoo sitebuilder, its soooo easy and realiable
while hosting cost may be a factor there are many other points to consider. Remember the further from your site or clients your server is, the longer the return time. While it may be seconds, it may also be minutes. Also consider the time zone difference. While this may not affect many, if you are a webmaster it can become extremely frustrating.
Myself, I have hosting with a us company that uses only earth-friendly power sources. Wind and sun. There are several things to consider when obtaining good hosting besides price.
Good Luck!
It depends on where you expect most of your traffic to originate from. If you are expecting mostly US people, then use a US server. Otherwise, someone local to you is definitely easier to deal with. I’ve seen some web sites that allow you to choose a server that is closest to you. The FreeBSD site lets you do this and most of them are mirrors of the main US site.