The thought that my Euro transom is interfering with fishing from the stern has never really crossed my mind. Given, my boat isn't very big and neither is the Euro transom, but it doesn't get in the way. The height makes for a nice place to lean up against when the bite is on, so it could be considered better than an open transom in that respect. Like Pete says, what's always gotten in my way when I'm fishing off the stern is the motor and the trim tabs. Unless you have a true Inboard and no tabs, this is a problem you'll have with any transom style. Another thing to consider is many boats with an open transom also have storage boxes in the floor on the port and starboard side, so the space you're losing with a Euro is almost equal to the space you're losing with storage boxes. I always liked the transom wells on my old 19-6 for this reason, but there again, they got in the way when I was fishing.
Here's one of the latest ideas from Key West to make the Euro transom even more useful. IMO - genius.
The rear beer cooler!