select.get('value');

Element.js

/*<ltIE9>*/
var testForm = document.createElement('form');
testForm.innerHTML = '<select><option>s</option></select>';

if (testForm.firstChild.value != 's') Element.Properties.value = {
	get: function(){
		var tag = this.get('tag');
		if (tag != 'select' && tag != 'option') return this.getProperty('value');
		if (tag == 'select'){
			var option = this.getSelected()[0];
			return option ? option.get('value') : '';
		}
		var attr = this.getAttributeNode('value');
		return (attr && attr.specified) ? this.value : this.get('text');
	}
};
/*</ltIE9>*/