.eu will be completely worthless.
Why?
Because there is no country called Europe; every european country has its own tld; that's why a .cn is even worth more than a .eu - because China at least is a country and .cn it's tld whereas nobody needs .eu ( ok i'd take sex.eu of course
).
Just like it is with .biz/.info:
If it won't be marketed heavily towards end users by TV,print and such the general public won't be even aware such an extension exists.
Hell, most endusers don't even know about the existence of .net/.org...