I'll play the necromancer here, as I still see another, better way to do it.
Using wonderful promise library Bluebird and its promisifyAll() method:
var Promise = require('bluebird');
var mongoose = require('mongoose');
Promise.promisifyAll(mongoose); // key part - promisification
var users, articles; // load mongoose models "users" and "articles" here
Promise.props({
    users: users.find().execAsync(),
    articles: articles.find().execAsync()
  })
  .then(function(results) {
    res.render('profile/profile', results);
  })
  .catch(function(err) {
    res.send(500); // oops - we're even handling errors!
  });
Key parts are as follows:
Promise.promisifyAll(mongoose);
Makes all mongoose (and its models) methods available as functions returning promises, with Async suffix (.exec() becomes .execAsync(), and so on). .promisifyAll() method is nearly-universal in Node.JS world - you can use it on anything providing asynchronous functions taking in callback as their last argument.
Promise.props({
    users: users.find().execAsync(),
    articles: articles.find().execAsync()
  })
.props() bluebird method takes in object with promises as its properties, and returns collective promise that gets resolved when both database queries (here - promises) return their results. Resolved value is our results object in the final function:
- results.users- users found in the database by mongoose
- results.articles- articles found in the database by mongoose (d'uh)
As you can see, we are not even getting near to the indentation callback hell. Both database queries are executed in parallel - no need for one of them to wait for the other. Code is short and readable - practically corresponding in length and complexity (or rather lack of it) to wishful "non-working example" posted in the question itself.
Promises are cool. Use them.