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(){
	
	if (this.get('tag') != 'select') return this.getProperty('value');
	
	var selected = this.getSelected()[0];
	if (!selected) return '';
	var attr = selected.getAttributeNode('value');
	
	return (attr.specified || attr.nodeValue) ? selected.value : selected.get('text');
	
}};
/*</ltIE9>*/