Bob,
As an American working in Philosophy in Europe (Germany, to be exact), I think the atmosphere over here is somewhat different, as far as jobs and research go. Of course, it doesn't matter where you are today - it is difficult to find/get academic jobs in the Humanities. A big part of getting a position anywhere is having the right connections. I don't mean that if you don't go to a highly-ranked grad school that you don't have a chance. I mean that you need to take every opportunity to attend conferences, submit and give papers, and even try to publish as a grad student. Conferences are a great way to meet others in the field and to show what you can do. It also prepares you for the job market by giving you public speaking experience and lines on your CV. Most everyone I've talked to lately in the profession has noted how important it is to "get your foot in the door" as a grad student. The more people you know, the better off you are. 

As far as research goes, this is one way in which I think Europe might differ somewhat from the States. In Germany, for example, there is a much heavier emphasis on interdisciplinary research, so lots of philosophers are involved in establishing or collaborating with "work groups" where the members come from various disciplines, and there is lots of funding for such programs. One can also apply for individual research grants that last up to 5 years, though one must write a very detailed grant proposal, just like in the natural sciences (description of project, detailed plan of research, CV, rec letters, etc.). (Such work groups and grants are also available in the U.S. - you just have to know where to look.)

If you love philosophy, I encourage you to continue to study it, but don't be overoptimistic and think that you will automatically have a job at the end. Keep other options open and try to network as much as you can.

Good luck,
Amber