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.
See if I can answer all of your questions.
What exactly is the point of leveling a skill?
To gain access to higher level skills.
I sure do get that you can unlock new Skills and perks but does It do something else?
No.
Will you gain more Armor/Damage if you have a Higher rank in a certain skill in ESO or is it solely for the sake of unlocking new stuff
Yes. Not sure how much it scales.
Also if you Level up an Active Ability, will this ability get stronger or is it also just for upgrading an ability. If it's only for upgrading, then why can I further level the upgraded skill (I've noticed that you can upgrade an Ability only once.
Yes. Not sure how it scales though. I believe they are planning on implementing one more morph to the skill lines in the distant future.
Another thing I'd like to know is: What is the max level of an Ability/Skill
Rank IV > Morph Rank IV. Max Level of weapon/armor/class skills is 50.
Best Answer
Quick Answer: Install the game from another Windows user; if all the users have different My Documents ("User Files") folder locations instead of the default Windows location create a new temporary user to install the game.
Detailed Answer: As it turns out the installer does NOT like it if you've changed the registry to move the My Documents folder (in Windows 7 Microsoft decided to call it "User Files"). In example since unlike Windows XP where you can simply right-click on the My Documents folder to change it's location you have to go through the registry and manually update the paths and disk id. My installation is to D:\My Documents on a RAID 1 SSD setup so if I have to wipe the C:\ for some reason I don't have to worry about moving my files.
I switched to a placeholder account (as Windows user accounts can get corrupted) and was able to initialize the installer. Once it starts verifying (I simply copied an install from my laptop) I switched over and the launcher worked just fine for the user with the My Documents loaded via D:\My Documents.