How to use the optional hostname parameter in Node.js server.listen()

From what I’ve read in tutorials so far, the optional hostname parameter to server.listen(port[, hostname][, backlog][, callback]) has always been either 127.0.0.1 (loopback), 0.0.0.0 (listen on every available network interface, the default option), or one of the actual IP addresses available to the server. Everything else will give an Error: listen EADDRNOTAVAIL. Is that the whole picture? (I believe hostname is technically different from IP…)