Micah's solution below worked for me as the site I had to customise was not in UTF-8, so I could not use json; I'd vote it up but my rep isn't high enough.
function escapeJavaScriptText($string)
{
return str_replace("\n", '\n', str_replace('"', '\"', addcslashes(str_replace("\r", '', (string)$string), "\0..\37'\\")));
}