(Updated answer) On June 2013 (version 0.10.12):
Node.js is ready for production, it's stable and really fast.
I am using it on live servers with Redis, using a SmartOS VM with dtrace and flamegraph for profiling (on a dev server). It also replaced quite well my Apache/PHP stack for creating websites.
The best ways to find up-to-date modules are Nipster and npmjs.
As some modules are not mature enough, finding the right one is sometimes an iterative process.
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(Old answer) On May 2012 (version 0.6.18):
Node.js and its API seems stable enough for production use.
However, its ecosystem isn't: most modules are not stable yet and a lot of them aren't maintained anymore (last commits from 8 to 18 months - you can check on the github pages of modules)
Currently, using a module often require an active participation: subscribing to its mailing list and patch it when needed.