4.01, Section 17.6.1 Pre-selected options spec says that if no value
attribute is provided, then the value of an option is its content.
this [value] attribute is not set, the initial value is set to the
contents of the OPTION element.
Section 18.104.22.168 Option spec says that if no value attribute is
provided, then the value of an option is its content.
value defaults to the content of the <OPTION> element. The content
of the <OPTION> element is presented to the user to represent the
option. It is used as a returned value if the VALUE attribute is not
This bug has been reported at connect's IE beta feedback as bug 348515.
Credit must go to RobG for mentioning this bug in this post.
Credit must go to Kyle Mulin explaining this bug in IE Blog on January 19, 2006
Firefox 1.x, Firefox 2.x, Opera 9.x, Safari 2, Safari 3.0.2, Seamonkey 1.x, Seamonkey 2.x, NS 7.2, K-meleon 1.x, Konqueror 3.5.8, Galeon 2, Epiphany 2 all pass this test.
Update: This bug has been FIXED in Internet Explorer 8 beta 2 (build 6001.18241) released on August 28th 2008. Otherwise, Internet Explorer 8 beta 2 PASSES this specific and particular testcase.