The only testing I've done is to check for a string, with and without double quotes, and this passes that test. http://forum.jquery.com/topic/isjson-str
Edit:
It looks like the latest Prototype has a new implementation similar to the one linked above. http://prototypejs.org/assets/2010/10/12/prototype.js
function isJSON() {
var str = this;
if (str.blank()) return false;
str = str.replace(/\\(?:["\\\/bfnrt]|u[0-9a-fA-F]{4})/g, '@');
str = str.replace(/"[^"\\\n\r]*"|true|false|null|-?\d+(?:\.\d*)?(?:[eE][+\-]?\d+)?/g, ']');
str = str.replace(/(?:^|:|,)(?:\s*\[)+/g, '');
return (/^[\],:{}\s]*$/).test(str);
}