It's a very neat concept that allows for cleaner code (sequential rather than callback-hell) and use one or a few threads for many actions but without the overhead of thread-per-socket.
There are also some hidden gains in terms of TLB caches and other costs of kernel threads switching.
An additional advantage is that between user-space-threads you have fewer locking problem since they implicitly lock out each other between context switch points so you only need locks when you need to protect an area across several context switch points.
Once the stack allocated for a thread, context switches are almost as cheap as a function call.
RiNOO has an event driven scheduler, based on epoll, which resume/release these user-space threads (that I call tasks) according to pending IOs. The library provides with IO functions (read, write...) which use the RiNOO scheduler.
As a bonus, real threading is quite easy: just need to run a scheduler per thread (see examples with multi-threading).