Something that's different, at least from POE, EventMachine, Twisted is that it is attempting non-blocking purity. You can snub your nose at this but it turns out to be very important. It ends up abstracting away a problem in a way that EventMachine or Twisted will never be able to do simply because of the existence of massive amounts of blocking Ruby and Python libraries. The programmer simply doesn't have to know what non-blocking I/O is - they don't have to know that if they do "node script.js < hugefile" - that STDIN_FILENO cannot be selected on.

Erlang is different. Node presents a different programming model than Erlang - Node handles thousands of connections per process - and keeps itself close to the metal. Erlang is it's own operating system handling one connection per processes but allowing very many processes. Is Node's model better? Well at the moment it's incomparable since Erlang is very much a solid, production ready system and Node is not more than some dude's hack. But supposing that Node becomes stable and usable at some point, a major advantage of the Node model is that for the first 10,000-1,000,000 concurrent connections the programmer doesn't have to know anything about concurrency - a single process will just handle it. There is no forking or IPC - it's just synchronous events and callbacks. In Erlang you have to think about about IPC on the first connection. The Erlang-model might turn out to be the wrong level of process granularity. Maybe the right level of process granularity is how computers are already designed: 10,000-1,000,000 connections per process, use one per core.

I also wish for less hype around the Node project but I think you're short changing it by saying it's same thing as Twisted but in Javascript instead of Python. The main selling point is not that you can run the same code on browser and server. The main selling point is that you don't have to know what you're doing, at least for the first 10,000 concurrent connections.