I was thinking of implementing real time chat using a PHP backend, but I ran across this comment on a site discussing comet:
My understanding is that
I'm current implementing a scalable PHP Comet server using socket functions. It is called 'phet' ( [ph]p com[et] )
Project page: http://github.com/Tim-Smart/phet
Free free to join in on development. I have currently managed to get most of the server logic done, just need to finish off the client side stuff.
EDIT: Recently added 'Multi-threading' capabilities using the pcntl_fork
method :)