I attended EGS for one year. There are some positives to the program. The setting is stunning. The other students are (for the most part) wonderful. You will meet fascinating people who take thinking seriously and strive toward excellence in their studies. The classes are substantial and it really is a thrill to hear people like Agamben and Badiou explain their works first hand.
However, it is generally not a place one should go if he/she is expecting the EGS experience alone to suffice for a career in academia. Most attendees already have degrees from other institutions and are using it as a supplement or are attending as a sort of personal retreat. The accreditation is sketchy at best. People can be as lazy as they want and still obtain a degree. I've heard students suggest that some thesis are hardly more than glanced at before approval. I know a few individuals who have received their degrees from EGS and still feel the need to get another degree elsewhere because they are not getting the opportunities they hoped for. Most students will receive almost no support from the director (and really the only person to contact about administrative/academic concerns) Wolfgang Schirmacher. Do not be surprised if simple questions or even transcript requests go unanswered for months. And try not to be offended when his explanations for the delays are shockingly rude. Also, it is required that you write about Wolfgang in your dissertation and he is listed as editor on all books (usually student's thesis/dissertations) published by Atropos press.
Some students will do absolutely anything to be around these academic superstars, this includes whitewashing some of the more unsavory aspects of EGS by scouring the negative search queries and doing a PR job. Just check around forums on the internet. There is almost always someone appearing out of the blue to put a positive spin on EGS. Fact of the matter is, only a few favored people (those that shamelessly suck up to Wolfgang) are provided with an experience that would help them in their careers. You can clearly see this in the statement by "Former EGSer" where he states that if you're "LIKED enough by faculty," then you can obtain letters of recommendation or any sort of specific career help. According to him, if you have a problem with this, then you are most likely a mediocre person.
Simply put, EGS really is more of a summer camp for philosophers and an unabashed schmoozefest. Don't buy the excuse that it's "European." I know people attending other institutions in Europe, where independence is valued but they also have solid accrediation, help from faculty, and serious consideration paid to their works. EGS can be a lovely experience, but understand what you are signing up for and putting your money towards.