I would also like to hear how other EE users have done this.
I recently threw something together using a custom field to hold the options, and a modified version of the “list maker” plugin.
Instead of list items (<li>bla</li>) the plugin now generates options (<option value=“bla”>bla</option>).
The formatting for the custom field is set to “none”.
{exp:weblog:entries weblog="training" limit="1" dynamic="off" entry_id="22" disable="category_fields|categories|member_data|pagination|trackbacks"}
<select name="whatever">
{exp:list_maker_options}
{options_custom_field}
{/exp:list_maker_options}
</select>
{/exp:weblog:entries}
Since I didn’t write the plugin I won’t post it here, but if you want it just PM me.
EDIT: changed the code to include the <select> tag.