I'm a bit far removed from the Linux kernel to be comfortable auditing that myself, but I run some high-volume/low-latency exchange clusters and the limiting bottleneck on requests/box has always been due to SYN/ACK negotiation.
I solved that currently by having hundreds of smaller servers, which distributes the network load quite nicely but isn't even coming close to maximal utilization of CPU. Realistically since moving from PHP to Haskell we're seeing about 1k req/s/box, but without the network slowing things down we're looking at a magnitude of increase on the current hardware.
Just FYI I've already handled the obvious, such as intelligent caching, nginx split upstreams, TIME_WAIT and reuse adjustments (1s), et al. Qualitatively, we're looking for an assurance on <= 100ms TTFB for the 99th percentile, in a way that allows us to use the most of our hardware via green threads.