Since HTML 4 (around since ~'99 I believe) option tags are supposed to default to the actual tag contents if the attribute "value" is not used. For instance:
If a user selects Five from the dropdown, the .value should be set to "Five" and that is how FF, Safari, Opera, etc. do it. IE says the value is blank and you have to use the .text attribute instead (or use the value attribute in every single option, which can be rather redundant). This still happens as of IE 7 Beta 3!
I had been really hopefuly that IE7 would be fully supportive of CSS 2 and HTML 4 AT LEAST, because it would cut down on development time so much, but when I discovered that option tags are STILL done incorrectly... well, my hopes are basically gone. I submitted the report, but I also read a lot of other bugs/suggestions and realized how much trouble IE7B3 still has with practically everything. Yes, it's a beta, but usually betas are fairly close to production and only a few uncommon or irregular tweaks are needed... Beta 3 still crashes when visiting intel's taiwan site.
It's not like I expect IE to be perfect, but at least being good enough to keep me from spending 25% of my development time making the page compatible with IE would be nice. Ah, oh well, that's my rant.
Check out Gordaen's Knowledge, the blog, and the MR2 page.