The other answers are Ok, but a while loop seems more appropriate:
function setAll(array, value) {
var i = array.length;
while (i--) {
array[i] = value;
}
}
A more creative version:
function replaceAll(array, value) {
var re = new RegExp(value, 'g');
return new Array(++array.length).toString().replace(/,/g, value).match(re);
}
May not work everywhere though. :-)