Yes but that won't give you the benefit of not having to manually type something in to the console to check the value. With this code added the dev tools will natively show you the current value.
For example:
var MyObj = (function () {
this.someProp = ko.observable();
this.someOtherProp = ko.observable();
})();
var items = ko.observableArray([new MyObj(), new MyObj()]);
In the above scenario, the Chrome developer tools will not automatically show you that items is in fact an array that contains to values. You would need to enter items() on the console to see that. Even if you did expand it in this manner, the resulting display in the console will have arrows to expand the individual array elements. Once expanded you will see the two properties on each of the array elements, but again you cannot see their current values. Instead Chrome will display "function...".
With the toString method in place once type "items" into the console you will see all array elements and you will be able to expand them and see the current values of the observables on each of the objects in the array, without having to type "items()[0].someProp()".
Derek