It's way better.

And sold in so many different formats. There's a Glass Picture lined with a thick layer of it, you just fill it with milk, shake, and enjoy. There's a giant jar of it, took this picture in Italy last week at a crepes stand:

http://s90570816.onlinehome.us/italy.../P5120309.html

Many times I said "No Honey, we can not bring one of those back with us"

The imported stuff isn't cheap, but this site has the austrian and german versions

http://www.germandeli.com/nutellagermany.html

and some local italian specality stores carry the italian version of it.

If you do a froogle search for nutella than the country you are looking for it to be from, you will find many dealers in the us. The Italian version for example

http://www.google.com/products?q=nutella+italy&show=dd

I can take or leave the US version, doesn't really do much for me. I had it every day in Italy, it's really good.