I find this to be the simplest, most readable way:
if (typeof myVariable === 'undefined') { myVariable = 'default'; }
//use myVariable here
Paul Dixon's answer (in my humble opinion) is less readable. Why not just keep than this, but it simple?comes down to preference.
insin's answer is much more complicatedadvanced, but much more functionaluseful for big functions!
EDIT 11/17/2013 9:33pm: I've created a package for Node.js that makes it easier to "overload" functions (methods) called parametric.