My wife and I run a small (2 person) business in the EU. The largest hurdle was finding a hosting provider (VPS) that wouldn't transfer data outside the EU so we wouldn't have to add SCCs to our privacy policy. As a business owner, I'd say the balance is still positive, it forces some self-reflection on data gathering practices.
Not sure about the "hosted on US soil" part, if you are a US company, the data gets transfered anyway when you view it.
Not sure about the "hosted on US soil" part, if you are a US company, the data gets transfered anyway when you view it.