Why would you do this? Use a proper web framework!
We'll also make extensive use of AJAX, Flash, and Jemplate in this context.
To be clearer, this is not a project just for fun, but rather, a serious company project that is allowed to be opensourced.
Level 2 will be ngx_lua scripting which provides Erlang-style transparent non-blocking I/O support and access to the whole nginx infrastructure and all the level 1 scripting goodies.
Level 3 will be...well...Perl 6, JavaScript, and PHP scripting atop the ngx_lua VM (by the corresponding X -> Lua compiler). grin We'll eventually get there.
Well, I didn't give any benchmark numbers in my slides. It's by intention. Just go ahead and find out how fast it can be :)