“Equivalent” is the word here
While…
$('#selectlist').val();
…is equivalent to…
document.getElementById("selectlist").value
…it’s worth noting that…
$('#selectlist')
…although ‘equivalent’ is not the same as…
document.getElementById("selectlist")
…as the former returns a jQuery object, not a DOM object.
To get the DOM object(s) from the jQuery one, use the following:
$('#selectlist').get(); //get all DOM objects in the jQuery collection
$('#selectlist').get(0); //get the DOM object in the jQuery collection at index 0
$('#selectlist')[0]; //get the DOM objects in the jQuery collection at index 0