I haven't used server sent events before, but they look potentially useful for some situations. I had a quick look at how to implement them at a node.js level and I don't think your going to see any less system meltdown than long poll or websockets, they are very similar.
Long poll: Client makes network request to server, server holds onto request until data comes in or request times out ( normally ~ 30s ) then responds.
Short poll: Client makes network request to server, server responds immediately with "no change" or data.
Server sent events: Client makes network request to server, server holds onto connection and writes data to connection when it comes in.
Websocket: Client makes network request to server, server holds onto connection and writes data to connection when comes in, client can also send data to server.
I've used both short poll and websockets on commercial products and can say they work very well, with reasonably minimal complexity.
The only place I've seen long poll before is the Dropbox REST API, where you can subscribe to notifications on files changing. It's quite a pain to implement, on both client and server side as you need to prevent "stampede" situations. Responding closes the network connection so if you send a message to each client they will all close, then immediately reopen a connection causing a large bump in system resource usage.
If I were to implement a instant chat service I would either use short poll or websockets. Websockets have obvious advantages; the server knowing when a client connects/leaves, clients can send messages to the server without needing another request, users receive messages "instantly". The biggest issue with websockets is normally the server running out of sockets for connections. Short poll allows for more users than sockets ( in theory ) as they don't all connect at the same time. Also you can avoid needing an extra request for sending messages from the client by adding pending messages to the next poll request. A poll interval of between 1 - 5 seconds should be fast enough for most situations.