This is in contrast to today's more common concurrency model where OS threads are employed. Thread-based networking is relatively inefficient and very difficult to use. Furthermore, users of Node are free from worries of dead-locking the process, since there are no locks. Almost no function in Node directly performs I/O, so the process never blocks. Because nothing blocks, scalable systems are very reasonable to develop in Node.
If some of this language is unfamiliar, there is a full article on Blocking vs Non-Blocking.
HTTP is a first class citizen in Node, designed with streaming and low latency in mind. This makes Node well suited for the foundation of a web library or framework.
Just because Node is designed without threads, doesn't mean you cannot take advantage of multiple cores in your environment. Child processes can be spawned by using our child_process.fork() API, and are designed to be easy to communicate with. Built upon that same interface is the cluster module, which allows you to share sockets between processes to enable load balancing over your cores.