It's not the console you're looking for, but if you want light debugging capability in your JavaScript, I really like Blackbird.
http://www.gscottolson.com/blackbirdjs/
It gives some simple power akin to Firebug's console.log and similar functions, with fairly convenient access. I've used it frequently just to help me watch what's going on in IE.
Again, it's not a console. You won't be getting a console, or a way to inspect DOM, but at least you get a way to output debug type content that works in IE, and it turned out that such a thing was enough for me. :)