PHK's biggest issue IMHO is that HTTP/2 will break his software (Varnish), by requiring things his internal architecture can't really deal with (TLS).
Varnish was never intended to support TLS, nor do the majority of Varnish users (myself included) want it to. The core issues being discussed have little to do with Varnish, aside from the fact that PHK has an excellent understanding of HTTP and high performance content delivery. Having written an HTTP proxy of my own to perform certain other tasks, I understand and largely agree with his sentiments.
That said, it should be noted that many people who need to support TLS connections already use separate software in front of Varnish for cases where high performance intermediate HTTP caching is desirable. This is really a separate topic from discussion of HTTP/2 and/or SPDY, but implementation of a SPDY to HTTP proxy could handle cases where an administrator wishes to run software that only speaks HTTP, albeit with the drawback that SPDY-specific features would be unavailable.
For many use cases, the ability to support 30,000 concurrent HTTP connections with a single VM outweighs the value proposition of encrypting the content in transit, especially for cases where the content in transit isn't remotely sensitive in nature. While "encryption doesn't add much overhead, Google said so" is a commonly parroted idea these days, if you take the opportunity to test various deployment scenarios you'll quickly find that assertion is false for many of those use cases.