Nodes I/O base actually uses a thread pool for the C++ bits that run in the background/waiting. For the most part, node/iojs is ideal in scenarios where you are I/O constrained, which is a surprising majority of them.
That said, I've run into issues actually using node for stream processing data... taking information from flat files, or sql record queries. In practice very few modules actually implement backpressure properly, and as a result it can/will eat through ram. Exposing GC and running it on every iteration in these instances helps, but once you hit 1-1.7GB of ram use, the process dies in a fiery inferno. That said, you are actually better off running the 32-bit engine in windows environments (not sure about linux, I haven't actually tried to compare).
This seems to be more of a puff piece on ARM than Node.js though... I like node a lot, but it does have it's limitations... if you need to process a LOT of data (imports/migrations) and can't chunk or otherwise break out your data, you may well run into issues. In my case, trying to run through 119m records would run out of memory faster than it could manage to push them into a message queue from node, ymmv.