I've actually spent a lot of time with Node since the company I work for was an early adopter. This all based on opinion but, my general feeling about Node is that the underlying concept is great but, Javascript is an awful language to do it all in. The lack of real support for continuations (and/or coroutines) means there is no escape from the callback hell and tracking down errors can be a real nightmare. Ultimately for simple projects Node works fine but reach a point where your application becomes at all complex and things can get hairy real fast (of course this statement could be made about client side Javascript as well).
I say this not to discourage anyone from trying Node because for many projects Node may be just what you need but, there are some downsides one should probably keep in mind.