The stuff I'm thinking of that would plugin to Firefox or Photoshop probably do things that would already be allowed (read/write files, allocate memory, access network).
Either way this seems like an extremely simple way to lock down all the little command line utilities and small programs that make up a working unix system, so that if someone does get arbitrary command execution by other programs it gets much more difficult to chain exploits.
Of course, if you download an infected plugin, you're going to have a bad time. But that is likewise a problem if you download an infected program and run it. It's not an attack vector this syscall is meant to prevent.
On the other hand, a well designed plugin interface could set default permissions. For example the plugin interface could have a SQL method, so that a plugin does not need to talk to a socket directly.
Protocol based interactions (that requires clear API) do a better job at isolation than modules.
In a certain way linux too the obligation for drivers to be runned kernel space and thus the adaptation made for drivers to access resources have made some part of the kernel internal API klugish. On the other way, it is true that the use of modules without API enables linux to present an external API that does not change while you can modify the behaviour of the kernel and its internal.
(I guess there is a price to pay for everything, but not everybody is a genius like Torvalds)
I guess a root process could remain privileged, the main restricted process could be a child of that, and that main process could ask the root process to spawn plugins. But, that'd weaken the model a bit.
But assume nginx supports tame now, you know at least what the process can do and what it cannot do explicitly. If one day a zero-day attack was discovered in nginx, nginx running tame will have a lesser security impact, at least in theory.