Up to a certain high load, Varnish works well, then all hell breaks loose - Nginx in comparison was much more stable and used less resources, had a higher max throughput, and when it hit the max - (assuming it filenode limit was high enough) would still work..just slowly. Varnish just died.
I encourage people to read http://capriccio.cs.berkeley.edu/pubs/threads-hotos-2003.pdf. Yeah, it's old, but so is the 10k Concurrency paper which is still touted as the reason why people should use nginx instead of anything else. Threads will only get better.
http://stackoverflow.com/questions/16693677/why-isnt-varnish...
If you really need a large malloc, I highly recommend running Varnish on FreeBSD instead of Linux as the Linux kernels VM system is horrible when memory is overcommitted.