My view is that this is a horrendously irritating 'feature' that I really wish I could turn off, it makes debugging a nightmare, not knowing at which point in time something may have updated an object, whilst trying to establish exact object state at a give point in the code. The feature could be useful for 'watch points' etc, but not in something called a 'LOG' (the clue is in the name).
Consider this code fragment:
var person = {'name':'Tom'};
console.log( person); //output the entire object variable
person.name = 'Thomas';
//the output is an object, whose 'name' value is 'Thomas', even though the log statement was placed before the value was changed to 'Thomas'.
AND THEN:
var person = {'name':'Tom'};
console.log( person.name); //changed to output a string variable
person.name = 'Thomas';
//the output here, however, has not dynamically updated and correctly outputs 'Tom'