It does indeed only grab the highest valued option.
Check out this live test.
<body>
<?
if($_POST) {
print '<h1>FORM OUTPUT (print_r):</h1>';
print_r( $_POST );
print '<h1>FORM OUTPUT (dump_var):</h1>';
var_dump( $_POST );
}
?>
<h1>Form to submit:</h1>
<form name="clientForm" method="post">
<select multiple name="selectbox">
<option value="option one">First Option</option>
<option value="option two">Second Option</option>
<option value="option three">Third Option</option>
</select>
<input type="submit">
</form>
</body>