You're also stuck with whatever you put in the option's value attribute - very unlike how a <select> works where the option has text content and a value.
Scenario: You've got customers, who have names and IDs. You want to search by name, but the ID needs to be sent to the server - you're right back to doing some JavaScript hack with a hidden field that gets a data-customerid attribute or whatever off of the selected option from a datalist.