I can't speak for CEU Hungary, but I did apply (and get admitted) to Nyenrode. I have decided to go to Cambridge instead, but will give you my thoughts on Nyenrode.
The school is very well known in the Netherlands. So if you want to work in the Netherlands, it would only be a positive asset on your resume. Outside of the Netherlands, though, it's not as well known. That said, business circles outside of the Netherlands might have more knowledge of the school, so you would most likely be ok.
The school seems to have a great program and there's a lot of interaction with the other students and teamwork. It's a very small class - I think something like 30-40 students in each class. This was one of the main reasons that I leaned away from attending. My understanding, however, is that it has a strong alumni network, so perhaps having a small class isn't such a bad thing.
It's located on a bus line with easy access to the train. It's also very close to a small city that has pretty much everything you could need. So location is decent.
Bottom line - it depends where you want to work. If you want to work in Hungary after your MBA program, than going to school in Hungary might make more sense. If you're not set on a location, then the Netherlands is a great country and Nyenrode is a good school. And a 50% tuition waiver is no small savings!