Using selectedIndex with the options collection is the most reliable way to access the selected option element and its attributes. Benefits include: 1) Works consistently across browsers, 2) Gives access to all option properties including dataset, attributes, and text, 3) Handles dynamic option changes correctly, 4) Works with both single and multiple select elements. While value gives you the basic selected value, accessing the actual option element allows you to work with custom data attributes, styling, and other properties.