Look no further than Solar Flare's Open Onload[1], Mellanox's VMA[2], Myricom's DBL[3], Intel's DPDK[4], etc to see that kernel bypass tech is used in 10G+ networking all the time.
It is super fast, but also lower latency. Many of the features used in lower latency environments like busy polling have been slowly making their way upstream[5]. I think Linux will get pretty close to the userspace kernel bypass stuff, and this is coming from a guy who works in a low latency environment for $REAL_JOB.
[1] http://www.openonload.org/
[2] http://www.mellanox.com/page/software_vma?mtag=vma
[3] https://www.myricom.com/support/downloads/dbl.html
[4] http://www.intel.com/content/www/us/en/intelligent-systems/i...
[5] https://lwn.net/Articles/540281/