Totally... this is why pipelining makes Redis 10x faster, less syscalls.
Basically to make Redis much faster we need to work to three different related things:
1) Less kernel friction.
2) Threaded I/O, this is the part worth threading, with a global lock to execute queries so you don't get crazy with concurrency and complex data structures. Memcached did it right.
3) Pipelining: better client support for pipelining so that it's easy to tell the client in what order I need my replies, and unrelated replies can be glued together easily.