Node.js is a platform built on Google's V8 JavaScript engine that allows for non-blocking and event-driven web servers. It is well-suited for building real-time applications using techniques like Comet that require persistent connections to clients. The speaker demonstrates how to implement a basic chat application using WebSockets with node.js that maintains open connections to allow real-time messaging between users. Node.js's asynchronous and non-blocking model makes it a natural fit for Comet-style programming compared to traditional threaded server models.