This is causing me a lot of grief, and I'm almost positive it's something stupid.
Why is this returning undefined instead of "Test"?
See JSFiddle
<fieldset class="fieldset">
<select class="list">
<option selected="selected">Test</option>
</select>
</fieldset>
<script type="text/javascript">
alert($('.fieldset').children('select.list option:selected').val());
</script>