Knockout select binding bug

HTML

<script src="http://rniemeyer.github.com/KnockMeOut/Scripts/jquery.tmpl.js"></script>
<script src="http://rniemeyer.github.com/KnockMeOut/Scripts/knockout-latest.debug.js"></script>
<select data-bind="options: opts, value: val, optionsText: 'Text', optionsValue: 'Id', optionsCaption: 'Select an Item'"></select>
<span>Currently selected: <span data-bind="text: val"></span></span>

JavaScript

var viewModel = {
    val: ko.observable(1),
    opts: ko.observableArray([])
};
var value = viewModel.val();
ko.applyBindings(viewModel);

viewModel.opts([
        { Id: ko.observable(1), Text: ko.observable("abc") }, 
        { Id: ko.observable(2), Text: ko.observable("someVal") }, 
        { Id: ko.observable(3), Text: ko.observable("other") }
    ]);
viewModel.val(value);