Sure, Node.js and Java are competing in the same space; the bigger question is how? The answer to that question is Single Page Applications, or SPA. Single Page Applications are becoming very popular with new developers (I believe) because they just make better sense. For FAR too long, Java EE architects have done their very best to mitigate the separation of Client & Server. Take JSF, for Example: the entire JSF UI development experience almost lets you forget that the UI and the server context are in the same memory space. But reality frequently comes crashing down the moment you step off of the beaten path.
Enter the SPA! Angular, Backbone, etc. all rely on RESTful API's, and DO NOT CARE if it is Node.js, Java,
My general assertion: Node.js will continue to gain popularity and displace many competitors. Java will going to continue to dominate the enterprise market for years to come, especially with the support of specialized frameworks and utilities like Spring, Maven, Hudson, and Junit. (honorable mention for gradle)