I've been using event MPM with mod_wsgi and Apache 2.2 for over 4 years now on very heavily trafficked sites. I have keepalive turned off but I have still noticed reduced server resource usage and that makes it worthwhile for me. One caveat with the event mpm in 2.2 was that you couldn't use it with apache filters - not sure if this is the case with Apache 2.4 though.
The improved connection handling may not work for certain connection filters that have declared themselves as incompatible with event. In these cases, this MPM will fall back to the behaviour of the worker MPM and reserve one worker thread per connection. All modules shipped with the server are compatible with the event MPM.
A similar restriction is currently present for requests involving an output filter that needs to read and/or modify the whole response body, like for example mod_ssl, mod_deflate, or mod_include. If the connection to the client blocks while the filter is processing the data, and the amount of data produced by the filter is too big to be buffered in memory, the thread used for the request is not freed while httpd waits until the pending data is sent to the client.