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I am more excited about ETags support than SPDY & Websockets. Etags (when used correctly) are extremely handy.

Please elaborate...

There's a great example/explanation on the Facebook Developer blog:

Basically, it's Last-Modified on steroids.

In the link that you mentioned, ETags are produced and handled by application. There are no special needs in web-server support.

Right... I was assuming that the OP wanted to know what ETags are, rather than their specific implementation in nginx.

Etags are useful for static assets as well.