On the other side, I'd like to know how many of the M2 students are really aiming towards a Ph.D. in Toulouse itself. Personally, I am a older applicant who already has master's studies, thus I don't see myself doing M2 for starting an American Ph.D. program afterwards. My aim in Toulouse would be directly the Ph.D..
In other words my question is: ceateris paribus, given the objective of getting the best Ph.D. preparation, would you rather attend M2 at Toulouse and aim to the Ph.D. (eventhough the high attrition rate), or would you rather attend directly a Ph.D. program from a lower ranked American university??