You can use prototype for default values of an object and it does save memory. If you don't surely shadow the property later (assign a new value for it on the instance) then all instances share the same pointer to the value.
If however you are surely going to assign a value to it then better define it in the constructor body as this.myval
Here is the tricky part of assigning default values to prototype; you have to re assign a new value to it to make an instance specific change. Object values can be manipulated by invoking functions on them or re assigning properties. When you do that then the default value for all instances change:
var Person=function(){};
Person.prototype.teeth=[0,1,2,3];
Person.prototype.legs={left:1,right:1};
var ben=new Person();
var betty=new Person();
ben.teeth.splice(2,1);//ben looses a tooth
//when ben looses a tooth like that betty looses it too
console.log(betty.teeth);//[1,2,3] poor betty
//now poor betty has an accident
betty.legs.right=0;
//looks like ben looses it too
console.log(ben.legs);//{left:1,right:0}
//I don't feel sorry for ben though because
//he knocked out betty's tooth
It is better not to initiate a new instance for inheritance, you can use Object.create or a helper function to set up inheritance without creating an instance. All about inheritance, prototype, overriding and calling super here:https://stackoverflow.com/a/16063711/1641941