I was looking through new stuff added to jQuery 1.7 and I saw they now have jQuery.Callbacks() http://api.jquery.com/jQuery.Callbacks/.
The documentation shows you how
I don't see any specific mention of setting context, but since you can pass an arbitrary number of arguments, that would potentially be useful. You could also make your own convention to pass a flag as a first argument and have listeners return false immediately if they aren't meant to handle the remaining argument list.
I've encountered cases where something like this might have been useful, but have used bind() and trigger() with custom events instead. Imagine some message handling system (a web based chat room or e-mail client) where you're polling a service for new messages. One function might be setting a number in a span or displaying a growl when something happens. Another might be updating a grid. With triggers you would have to trigger the event for each listener and "unroll" the passed arguments from eventData, with callbacks it's just one fire and your listeners are simple javascript functions with a simple argument list.
Callbacks isn't exactly revolutionary, but it'll make for less and cleaner code.