Try this Google Chrome extension created by R1CH!  This extension tricks the server into thinking that you are a United States viewer, leaving you with a lag-free viewing experience.  I hope this works for everyone as well as the reviews say!

Direct Download Link: https://chrome.google.com/webstore/detail/twitchtv-europe-lag-fix/hkoehmlkhjgaboegkondkciclminpjof?hl=en

Original Post: http://www.teamliquid.net/blogs/viewblog.php?topic_id=434208