To just get the value
document.getElementById("favcolor").value;
You can add an event listener if you want to get color when you change the selection. Would you do something like this
var theInput = document.getElementById("favcolor");
var theColor = theInput.value;
theInput.addEventListener("input", function() {
<<Do something with theColor value here>>
}, false);
Here is a working example: http://jsfiddle.net/3fehj/
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