Were you previously using Mootools by any chance?
If so, my guess is that you have now got an issue with caching and cache should be flushed, maybe even log in and out, rebuild...
If I remember correctly, mootools handles set the values of select boxes slightly differently which might be the cause... the jquery part of the script to reset the filters should look like:
if ($('filter_competition') != null)
$('filter_competition').value='';
where filter_competition is my boolean filter for the competition field.
AND the select box code itself...
<div style="float:left">
<!-- SELECT : Competition -->
<div class='filter filter_competition'>
<select id="filter_competition" name="filter_competition" class="inputbox " onchange="submitbutton();">
<option value="">- Competition -</option>
<option value="0" selected="selected">No</option>
<option value="1">Yes</option>
</select>
</div>
Hope it helps,
Gez