Several gems exist in the community allowing for fast IO operations using c bindings to kernel IO functionality. ruby_io_splice (http://bogomips.org/ruby_io_splice/), io-extra (http://rubydoc.info/gems/io-extra/1.2.6/frames), and sleepy_penguin (http://bogomips.org/sleepy_penguin/) are good examples of this.
Placing this functionality into FFI, with analogous calls for other platforms where possible can yield considerable performance gains over current IO implementation by avoiding user space interaction where possible, and may provide a foundation for rewriting/extending ::IO further.
Example: eventfd (http://www.kernel.org/doc/man-pages/online/pages/man2/eventfd.2.html)
attach_function :eventfd, [:int, :int], :int
attach_function :close, [:int], :int
efd = EventFd.eventfd(0,0)
io = IO.new(efd)
The "io" object is now a selectable, readable, writable IO object. There are issues with how InternalBuffer keeps track of R/W position, though should suffice for PoC.
C ext implementation of eventfd (far more complete, but IMO less readable) is at http://bogomips.org/sleepy_penguin.git/tree/ext/sleepy_penguin/eventfd.c