Lots of people say to just use the "Pass an object" trick so that you have named parameters.
/**
* My Function
*
* @param {Object} arg1 Named arguments
*/
function myFunc(arg1) { }
myFunc({ param1 : 70, param2 : 175});
And that works great, except... when it comes to most IDEs out there, a lot of us developers rely on type / argument hints within our IDE. I personally use PhpStorm (along with other JetBrains IDEs, like PyCharm for Python and AppCode for Objective-C).
And the biggest problem with using the "Pass an object" trick is that when you are calling the function, the IDE gives you a single type hint and that's it... How are we supposed to know what parameters and types should go into the arg1 object?

So... the "Pass an object" trick doesn't work for me... It actually causes more headaches with having to look at each function's docblock before I know what parameters the function expects.... Sure, it's great for when you are maintaining existing code, but it's horrible for writing new code.
Well, this is the technique I use... Now, there may be some issues with it, and some developers may tell me I'm doing it wrong, and I have an open mind when it comes to these things... I am always willing to look at better ways of accomplishing a task... So, if there is an issue with this technique, then comments are welcome.
/**
* My Function
*
* @param {string} arg1 Argument 1
* @param {string} arg2 Argument 2
*/
function myFunc(arg1, arg2) { }
var arg1, arg2;
myFunc(arg1='Param1', arg2='Param2');
This way, I have the best of both worlds. New code is easy to write as my IDE gives me all the proper argument hints. And, while maintaining code later on, I can see at a glance, not only the value passed to the function, but also the name of the argument. The only overhead I see is declaring your argument names as local variables to keep from polluting the global namespace. Sure, it's a bit of extra typing, but it's trivial compared to the time it takes to look up docblocks while writing new code or maintaining existing code.

Update - 2022
JavaScript now has the ability to have something close to named parameters using object destructuring available in ES6. Most newer browsers can use this feature See browser support
This is how it works:
// Define your function like this
function myFunc({arg1, arg2, arg3}) {
// Function body
}
// Call your function like this
myFunc({arg1: "value1", arg2: "value2", arg3: "value3"})
// You can also have default values for arguments
function myFunc2({firstName, lastName, age = 21}) {
// Function body
}
// And you can call it with or without an "age" argument
myFunc({firstName: "John", lastName: "Doe"}) // Age will be 21
myFunc({firstName: "Jane", lastName: "Doe", age: 22})
The best part is that most IDE's now support this syntax and you get good argument hint support
TypeScript
For those of you using TypeScript, you can do the same thing using this syntax
function myFunc(
{firstName, lastName, age = 21}:
{firstName: string, lastName: string, age?: number}
) {
// Function body
}
OR, using an interface
interface Params {
firstName: string
lastName: string
age?: number
}
function myFunc({firstName, lastName, age = 21}: Params) {
// Function body
}