Is there a better way to write the following conditional in javascript?
if ( value == 1 || value == 16 || value == -500 || value == 42.42 || value == \'somet         
        You could extend the array object:
Array.prototype.contains = function(obj) {
  var i = this.length;
  while (i--) {
    if (this[i] == obj) {
      return true;
    }
  }
  return false;
}
Then if you store all those values in an array you could do something like MyValues.contains(value)
var value= -55;
switch(value){
    case 1: case 16: case -55: case 42.5: case 'something': 
        alert(value); break;        
}
                                                                        switch is an acceptable choice. You can also use a map, depending on the complexity of the problem (assuming you have more than you put in your example).
var accept = { 1: true, 16: true, '-500': true, 42.42: true, something: true };
if (accept[value]) {
  // blah blah blah
}
accept could be generated progamatically from an array of course. Depends really on how much you plan on using this pattern. :/
Well, you could use a switch statement...
switch (value) {
  case 1    : // blah
              break;
  case 16   : // blah
              break;
  case -500 : // blah
              break;
  case 42.42: // blah
              break;
  case "something" : // blah
                     break;
}
If you're using JavaScript 1.6 or greater, you can use the indexOf notation on an array:
if ([1, 16, -500, 42.42, "something"].indexOf(value) !== -1) {
   // blah
}
And for the ultimate in hackiness, you can coerce the values to strings (this works for all browsers):
if ("1,16,-500,42.42,something".indexOf(value) !== -1) {
   // blah
}
                                                                        In an effort to make yet another way of doing it...
if (/^(1|16|-500|42.42|something)$/.test(value)) {
  // blah blah blah
}
No need to extend array prototypes or anything, just use a quick regexp to test the value!
var a = [1, 16, -500, 42.42, 'something'];
var value = 42;
if (a.indexOf(value) > -1){
// blah blah blah
}
Upd: Utility function sample as proposed in comments:
Object.prototype.in = function(){
  for(var i = 0; i < arguments.length; i++){
    if (this == arguments[i]) return true;
  }
  return false;
}
So you can write:
if (value.in(1, 16, -500, 42.42, 'something')){
// blah blah blah
}