Non-defined value of option is not set to the content of the <option> element

SUCCESS! Your browser passes this test.

FAILURE! Your browser fails this test.

HTML 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.
If this [value] attribute is not set, the initial value is set to the contents of the OPTION element.

HTML 2.0, Section 8.1.3.1 Option spec says that if no value attribute is provided, then the value of an option is its content.
The field 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 present.

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.

Valid HTML 4.01!