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The value property of a textarea should return the content of that textarea (as per http://www.w3.org/TR/DOM-Level-2-HTML/html.html#ID-24874179). You can currently get the content of the textarea from the innerText property but that's no good for jquery. The jquery val(), and in turn serialize(), function expects to be able to use the value property, as per the DOM specification.
These commits add tests and a textarea specific value property that's currently just an alias for innerText.