Correct. Right now, both servers are located in the US, so you won't notice any significant ping/lag/latency difference. However - as you said - the EU server will be moved to Europe (I think Frankfurt, but don't quote me on that).
That being said, it's hard to say how/if latency will change for you. If you don't have any issues so far, I wouldn't worry too much about lag alone. It can't get worse, it may only improve.
Geographically, I'd assume the European server would be the better choice for you, since it's quite a bit closer to you. This also means that your prime time won't be that far off compared to other players playing there.
Overall, you should try to see where your friends are playing, assuming you already know people you'd like to stick with for this game.
What you definitely should keep in mind are server downtimes, which will follow different schedule for NA/EU as stated here (you might have to try to open that link twice for it to show the proper article for whatever reason):
Tuesday (Patches)
00:01 am EDT (06:01 CEST) - EU
08:00 am EDT (14:00 CEST) - NA
Friday (Reboot/Hotfixes)
00:01 am EDT (06:01 CEST) - EU
08:00 am EDT (14:00 CEST) - NA
North American Megaserver
Tuesdays at 8:00 am EDT (14:00 CEST)
Fridays at 8:00 am EDT (14:00 CEST)
European Megaserver
Tuesdays at 00:01 am EDT (6:00 am CEST)
Fridays at 00:01 am EDT (6:00 am CEST)
After all, you most likely don't want downtimes to happen during your playing time all the time.
There is fast travel between waypoints and a 'recall' function when out in the field.
Going to a visited wayshrine (one that has blue flame coming out of it) and interacting with it will allow you to warp from that one to ANY wayshrine you've previously unlocked in ANY zone. This is completely free.
If you're out in the field, however, and just want to quickly recall back to a wayshrine because you're in too deep, you can open your map through the menu and go to a location in any zone that you've previously visited a wayshrine. Again, clicking on that wayshrine will warp you there, but this costs some money. From what I've seen, it costs based upon distance and character level. It's still fairly cheap, though, and you can easily make the money back from selling things.
An alternate thing I've found is that if you're in a group, you can fast-travel to your group leader. This helps when you just got into the group and the leader is all the way in the dungeon already. Right-click their name in the upper left corner and use the Travel to Player option. (I think this is it, I will have to verify when I get home)
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