Does select list I mean a drop down elements are important while google crawls the page, because most of the times we generate it with ajax or javascript for rich look.
I don't think auto-generate text from ajax/javascsript will help SEO. As Google's bot crawl to get the page content it does not activate the javascript functions. I could be wrong on this but that's what I read from others. I never done any test on this myself. You can actually do a test by register a domain for testing. Put the javascript function and use Google Webmaster Tool and see if Google crawl those keywords generated by javascript.
if it is in the html coding then it is croll by the google and if it is in the java script or ajax then it ignore