The obvious benefit of the European style is that you don't need to speak the language in order to understand the signs, something that is clearly less important given the relative homogeneity of language in the USA.
But at least to me, the European road signs are also more quick to read. For example, the "only right turns" and "speed limit 60" are exactly the same shape and color in the USA, while in Europe there is more of a logical system (which also means you don't "memorize a bunch of symbols", you learn the "language" of the signs), such as blue disc means "mandatory", red circle means "prohibited", red triangle means "warning", etc.