Do:

var isTrueSet = (myValue === 'true');

using the identity operator (===), which doesn't make any implicit type conversions when the compared variables have different types.

Don't:

You should probably be cautious about using these two methods for your specific needs:

var myBool = Boolean("false");  // == true

var myBool = !!"false";  // == true

Any string which isn't the empty string will evaluate to true by using them. Although they're the cleanest methods I can think of concerning to boolean conversion, I think they're not what you're looking for.

The difference is that functionOne is a function expression and so only defined when that line is reached, whereas functionTwo is a function declaration and is defined as soon as its surrounding function or script is executed (due to hoisting).

For example, a function expression:

// TypeError: functionOne is not a function
functionOne();

var functionOne = function() {
  console.log("Hello!");
};

And, a function declaration:

// Outputs: "Hello!"
functionTwo();

function functionTwo() {
  console.log("Hello!");
}

Historically, function declarations defined within blocks were handled inconsistently between browsers. Strict mode (introduced in ES5) resolved this by scoping function declarations to their enclosing block.

'use strict';    
{ // note this block!
  function functionThree() {
    console.log("Hello!");
  }
}
functionThree(); // ReferenceError