There is an intrinsic problem with element value retrievals in Firefox. It seems that when the user is _hovering_ over a SELECT element (without selecting an option and closing the popup) the internal value of the select is changing as well. As a result, the observer registers the value change and fires the event before the user closes the popup or even explicitly selects the option.
Moreover, for reasons unknown Form.Observers also fires in Firefox after the page is loaded.
I don't know what the exact solution to the problem might be but this makes form observers basically useless in Firefox because all sorts of AJAX thingies happen before the user actually has chosen something. It seems that it would be much better to use onChange events instead of polling for the element value, or checking if the element is being mainpulated at the moment or not.
Alternatively this seems an item for the Bugzilla as well.