ComboBox has a lot of helpful properties that allow you to get access to items selected by the Control. The problem is knowing which one is best in which scenario. The documentation is not 100% clear on what the values will be in various situtations. The most important factor to know is whether or not you are DataBinding in the ComboBox.
In this case the properties will have the following values
If the property ValueMember is not Nothing the ComboBox will look for a member on SelectedItem with the name specified in ValueMember and return that. This is also the value displayed in the ComboBox.
If the property ValueMember is Nothing, then the SelectedValue will return .ToString() on the SelectedItem