Here I am again. And mow my statement to this question:
Some sites using drop-down menu, would reload the page if the for example line (-----------) is selected, which can disorientate or confuse the user.
Another issue is if the user is navigating with a keyboard, he type's the first letter, he is brought to the first word in the list that begin's with that letter. When there are more items with the same first letter, then the user has a problem. If he type's a second letter in the word he seek's, he goes to the first word that begin's with that letter.
That is why I am am convinced, that selection lists are much more accessible and usable!
Is it only my point of view?
Further reading:
Drop-Down Menus - Use Sparingly: http://www.useit.com/alertbox/20001112.html
Users have difficulties with dropdown, fly out and rollover menus: http://www.uie.com/Articles/what_they_want_article.htm