yah, i turned nginx loose on a highly trafficked site and it made a big difference.
apache take 3 connections per user visit ( css js, images, php )
with nginx as an apache proxy, nginx handles 2 connections ( real fast ) and apache does the php thread.
only 1 modification needed to ubbthreads.inc.php where it handles the $_SERVER['REMOTE_ADDR'] value, so that the real IP is stored there, instead of the proxied 127.0.0.1 one from nginx.
wordpress runs great too..
i highly recommend it

also, for WHM/cPanel peeps, it has an interface there.