I think it's too often applied to Europeans as a means of demeaning them. There isn't really an equivalent word for Americans in the British vocabularly, but if there were, I just wouldn't use it anyway-- I feel like this a word with which to tar an entire continent at the drop of a hat.

However, to be fair, I would say that given where I live. It makes me laugh when it's used in an ironic sense, such as the UK television show Eurotrash, where a Frenchman points fun at some of the more bizarre and tacky programmes we show... but, I don't know. I've only ever seen it in a European-bashing context, in articles and films. It's never really going to endear me to the word. ;)