Why do GA pilots in Europe operate N-reg (US) aircraft? When I read articles or blogs online about GA flying in Europe I get the impression that it's not unusual for European GA pilots to have FAA licenses and fly N (US) registered aircraft.

I've never seen any numbers mentioned so I don't know how common this really is, whether they hold only FAA licenses or also European ones etc. But in general, as a European GA pilot, what is the benefit of operating an N-reg aircraft rather than a locally registered one?
It's usually cheaper to go to the US and earn an FAA license and then fly N-registered aircraft in Europe than it is to get a European license. However, an N-registered aircraft needs to be maintained to FAA standards by FAA licensed mechanics.