Aren't private servers illegal? last time I checked they where.I think their pretty cool, but nothing can replace the real original EO. Course being on a private server with new items is cool, but getting hacked or keylogged isnt. Only 25% of private servers aren't hackers for my advice, but how do you know which ones? It's not like theres a list of trusted servers like there is for trusted MM's is there? Don't think so. I would vote against it.
If you want cool stuff and new looking places, get a death patch, but even then your still taking a risk to be hacked or keylogged.