I just got my Raspberry Pi camera. I want to stream video from the Pi. Would Node.js be the right choice to start looking at ?
Yes.
NodeJS can be used on the Raspberry Pi. Here is a nice tutorial on how to use nodejs on your Pi.
As for should it, I'd probably use whichever technology works well on the Pi and you know how to use. If you already know node then it might be a good fit.
Best of luck.