I don't know what things were like in the alpha, but I'm using beta 12 right now and this works fine. If you have an array of objects, create a select like this:
<select [(ngModel)]="simpleValue"> // value is a string or number
<option *ngFor="let obj of objArray" [value]="obj.value">{{obj.name}}</option>
</select>
If you want to match on the actual object, I'd do it like this:
<select [(ngModel)]="objValue"> // value is an object
<option *ngFor="let obj of objArray" [ngValue]="obj">{{obj.name}}</option>
</select>