Hi
The difference between the two is in the default colour spaces used when making new documents.
RGB documents - The American setting uses sRGB and the European setting uses AdobeRGB. Both will work fine for general use. Adobe RGB is capable of encompassing more colours and is a good general choice but if you post an image on the web you should always convert it to sRGB before posting.
CMYK documents - Both American and European settings are irrelevant. If you ever need to work in CMYK then you should talk to your printer and find out what CMYK profile to use according to the way the press is set up. If you don't know the actual profile to be used then don't work in CMYK.
The Gray and Spot settings should again be set by talking to your printer. If you are not going to use a press then setting Grey to grey gamma 2.2 will work for screen work (in reality you will see little difference on screen).
Dave