One of my favorite advantages of Node is in fact that it is based on javascript. When building my application I can share code between client/sever side (string formatting methods for example) and don't need to do any mental context switching when it comes to languages. I've developed in javascript for years and all that I have learned doesn't go out the window here, all I need to do is learn how to use a few libraries.
The "faults" of javascript are primarily inexperience with event looped architectures that use callbacks (people complaining about having to use callbacks and the spaghetti code messes they make), people remembering the past horrible browser implementations of it (where something would work/be fast in one browser and not another ... Internet Explorer I'm looking at you) and confusion over how prototypical languages work vs. standard OOP.
Callbacks aren't that bad and a few extra nesting levels shouldn't create chaos in your code. Since its based entirely off of one javascript implementation (V8) the cross browser stuff is gone. How it handles OOP is different, just watch these videos first and you'll be fine: http://www.yuiblog.com/blog/2007/01/24/video-crockford-tjpl/
As far as speed goes it gets huge benefits by being javascript. Every time the Google coding machine feels like making V8 a little faster, Node gets faster too.
Yes its different, no its not worse ... its better but takes some getting used to.