The document discusses different approaches to refactoring a monolithic application architecture: 1. A modular monolith breaks the monolith into smaller modules but remains a single application, addressing complexity and communication issues but still having some downsides. 2. Using message queuing separates communication handling from application code but introduces single points of failure and more complex tracing across services. 3. A pipeline and nodes architecture isolates processing into smaller components that can scale independently but has difficulties with state management, databases, and consensus across nodes.