We agree 100% that multiplexing is vital.
HTTP/2 is absolutely on the roadmap. We're actively working with some of the folks at Twitter to get it integrated and tested before introducing it into linkerd.
That said, linkerd is able to provision multiple downstream connections to multiplex requests to other services; but we need to extend this to the serverside to get the best application integration.
You may also be interested in Twitter's mux protocol (https://twitter.github.io/finagle/guide/Protocols.html#mux), which provides this featureset internally at Twitter, primarily for Thrift.