Native deep cloning

It's called "structured cloning", works experimentally in Node 11 and later, and hopefully will land in browsers. See this answer for more details.

Fast cloning with data loss - JSON.parse/stringify

If you do not use Dates, functions, undefined, Infinity, RegExps, Maps, Sets, Blobs, FileLists, ImageDatas, sparse Arrays, Typed Arrays or other complex types within your object, a very simple one liner to deep clone an object is:

JSON.parse(JSON.stringify(object))

const a = {
  string: 'string',
  number: 123,
  bool: false,
  nul: null,
  date: new Date(),  // stringified
  undef: undefined,  // lost
  inf: Infinity,  // forced to 'null'
  re: /.*/,  // lost
}
console.log(a);
console.log(typeof a.date);  // Date object
const clone = JSON.parse(JSON.stringify(a));
console.log(clone);
console.log(typeof clone.date);  // result of .toISOString()

See Corban's answer for benchmarks.

Reliable cloning using a library

Since cloning objects is not trivial (complex types, circular references, function etc.), most major libraries provide function to clone objects. Don't reinvent the wheel - if you're already using a library, check if it has an object cloning function. For example,

• lodash - cloneDeep; can be imported separately via the lodash.clonedeep module and is probably your best choice if you're not already using a library that provides a deep cloning function
• AngularJS - angular.copy
• jQuery - jQuery.extend(true, { }, oldObject); .clone() only clones DOM elements
• just library - just-clone; Part of a library of zero-dependency npm modules that do just do one thing. Guilt-free utilities for every occasion.

ES6 (shallow copy)

For completeness, note that ES6 offers two shallow copy mechanisms: Object.assign() and the spread syntax. which copies values of all enumerable own properties from one object to another. For example:

var A1 = {a: "2"};
var A2 = Object.assign({}, A1);
var A3 = {...A1};  // Spread Syntax

Scoping rules

The main difference is scoping rules. Variables declared by var keyword are scoped to the immediate function body (hence the function scope) while let variables are scoped to the immediate enclosing block denoted by { } (hence the block scope).

function run() {
  var foo = "Foo";
  let bar = "Bar";

  console.log(foo, bar); // Foo Bar

  {
    var moo = "Mooo"
    let baz = "Bazz";
    console.log(moo, baz); // Mooo Bazz
  }

  console.log(moo); // Mooo
  console.log(baz); // ReferenceError
}

run();

The reason why let keyword was introduced to the language was function scope is confusing and was one of the main sources of bugs in JavaScript.

Take a look at this example from another stackoverflow question:

var funcs = [];
// let's create 3 functions
for (var i = 0; i < 3; i++) {
  // and store them in funcs
  funcs[i] = function() {
    // each should log its value.
    console.log("My value: " + i);
  };
}
for (var j = 0; j < 3; j++) {
  // and now let's run each one to see
  funcs[j]();
}

My value: 3 was output to console each time funcs[j](); was invoked since anonymous functions were bound to the same variable.

People had to create immediately invoked functions to capture correct values from the loops but that was also hairy.

Hoisting

While variables declared with var keyword are hoisted (initialized with undefined before the code is run) which means they are accessible in their enclosing scope even before they are declared:

function run() {
  console.log(foo); // undefined
  var foo = "Foo";
  console.log(foo); // Foo
}

run();

let variables are not initialized until their definition is evaluated. Accessing them before the initialization results in a ReferenceError. The variable is said to be in "temporal dead zone" from the start of the block until the initialization is processed.

function checkHoisting() {
  console.log(foo); // ReferenceError
  let foo = "Foo";
  console.log(foo); // Foo
}

checkHoisting();

Creating global object property

At the top level, let, unlike var, does not create a property on the global object:

var foo = "Foo";  // globally scoped
let bar = "Bar"; // not allowed to be globally scoped

console.log(window.foo); // Foo
console.log(window.bar); // undefined

Redeclaration

In strict mode, var will let you re-declare the same variable in the same scope while let raises a SyntaxError.

'use strict';
var foo = "foo1";
var foo = "foo2"; // No problem, 'foo1' is replaced with 'foo2'.

let bar = "bar1"; 
let bar = "bar2"; // SyntaxError: Identifier 'bar' has already been declared