JavaScript was already painful enough in the browser, why on earth anyone ever thought it was a good idea to use it on the server boggles the mind.
We will be paying the price of this misguided hyped fad for decades to come.
Of all the ways of doing concurrency, callbacks are by far the worst, Twisted was plagued by them and is the main reason why it failed, and that was with a much more sane and reasonable language like Python (stackless Python was a much better alternative and used a model similar to Go's CSP).
And the sad thing is that there are much better alternatives around with much more sound models and environments, Erlang and Go are the two obvious examples, and that is for the highly specialized situations where you have great concurrency needs, for any other problem anything else will be much better than Node.js, even PHP.