Blazingly so.
I've got a PHP project at http://fstr.net and its pageloads take about 4 to 5 seconds under normal load. With my other project pageloads are less than a second most of the time (though there seems to be some variability when dealing with the first connection).
Both projects do essentially the same thing (query database, present list). It's really shocking just how much faster node.js is.
Another nice aspect of NODE with a MongoDB solution is that I can scale it very easily. On AWS I can send all traffic into a load balancer, then as the server's load increases I can just fire up additional (CLONE) instances and add them to the load balancer.
A reserved Amazon micro instance costs ~$5 per month or a 'high CPU' instance comes in at $17. Scaling node is really as easy as turning on another machine (or running multiple instances of the application on a machine with multiple cores).