No. Backpacking through Europe has never really appealed to me. I prefer wilderness backpacking. If I'm going to take a chunk of time to travel, I'd rather explore the wilderness areas of the USA.
Also, I'm not sure how popular it is among US students anymore, since it's so expensive. I've had friends travels to South American and Southeast Asia, but only a few travel to Europe, and those young people were often traveling to a specific country.
I'd be interested in going back to Europe to explore again, but like the times I've been in the past, I would pick a specific area and spend a few weeks in one region of one country to really get a feel for the place. I'd rather get a solid understanding of a region than go on a whistle-stop tour.
When I went to Italy, rather than stay in a hotel or hostel, I stayed in a convent with nuns. I think it might be one of the best kept secrets of traveling Europe. Since the numbers of nuns and monks has been on the decline, these places can have rooms open to travelers. In the heart of Rome, I had my own room and bathroom to myself for something like 20 euros a night, which included breakfast. It was nicer than a few hotels I looked at for 225 euros a night. And clearly it was much nicer than sleeping and hanging out in a bunkhouse... er, hostel.
If I went back to Europe, I'd go to back to the Province of L'Aquila in Abruzzo. There were some interesting rural and mountain areas to explore. Amazing history, culture and food. And a good place to wander in the outdoors.