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