You are right - Huffman algorithm is sequential, though it's not a bottleneck for high speed encoding. Please have a look at the following session on GTC 2012. This is real solution, not just an example.
You can find there some benchmarks for CPU and GPU concerning Huffman encoding and decoding. Huffman encoding on GPU is much faster than on CPU. JPEG decoding on GPU could be much slower in comparison with CPU only in the case when there are no restart markers in JPEG image.
If you need Huffman not for JPEG, then one should use two-pass algorithm. At first pass one can collect statistics and do encoding on the second pass. Both passes could be done in parallel, so it's better to use GPU instead of CPU.
There are a lot of papers saying that GPU is not suitable for Huffman. It just means that there were a lot of attempts to solve the problem. The idea for solution is quite simple: do Huffman encoding for small chunks of data and try to process these chunks in parallel.