I am doing a PhD here in Germany and I absolutely love it. It's completely free (except for the 300 euro fee per semester, but that includes the UBahn ticket which is like 200 of the 300 fee and is worth it) and I actually get paid really, really well. Plus PhDs are only 3 years and I don't have to deal with TAing and can just research. And because I am a student, I don't have pay taxes because my salary is considered a "stipendium" or whatever. It's quite nice. And where I am living, Frankfurt, which is apparently very expensive, is still cheap to me.

But, as others have said in this thread, there are drawbacks, which have been addressed. But that's true of anything anywhere.

So overall I highly recommend Germany for studies. Plus German is just a cool language to know as well.