From my interpretation of the docs, there are no "transactions" in the Jim Gray / ACID sense of the word. MemSQL offers transactional semantics with READ COMMITTED isolation. This is not just not SERIALIZABLE, it's also not REPEATABLE-READ or SNAPSHOT-READ.
For example, imagine a two statement transaction where statement 1 reads a counter value and statement 2 increments it. If two users run this transaction at the same time, the counter could lose an increment. This example is trivial and probably could be done in a single statement, but many other read-then-write operations could cause such an inconsistency.
Unless I'm misunderstanding something.
As a matter of fact, even Oracle and MS SQL Server offer READ-COMMITTED as the default isolation level. Moreover, there are known issues with using SERIALIZABLE isolation in Oracle [2].
[1] - http://blog.memsql.com/high-speed-counters/
[2] - http://stackoverflow.com/questions/11826368/oracle-select-im...
And yes, the defaults on many systems are low, but you can turn them up if you have a transactional workload. Read-committed might be fine for a Drupal backend, but it's not truly transactional.
Related and neat post:
http://www.bailis.org/blog/understanding-weak-isolation-is-a...
One of the relevant points Peter makes is that weaker isolation may work ok at low contention and low scale, which matches most DB workloads, but probably not the ones people on HN care about.
VoltDB for transactions and ingestion-time analytics and MemSQL for deeper analytics might be a neat combo system. YMMV.