Yes, a bit strange that. It creates
<select id="TForm1_ComboBox3">
<option value="Name1">Value1</option>
<option value="Name2">Value2</option>
</select>
So you would expect combobox.text to return Value1 or Value2. Maybe what it needs is a GetValue method to return the value and text return just the name. If the '=' is not used then they'd return the same.
Not sure if it's allocating the Name,Value the right way round, but that might just be me.