<form name="myform" onchange="return jsfunction();" etc...>
      <div id="formdiv">many many selects, all having a selected option value of 1</div>
      </form>

document.getElementsByTagName ( 'select' );

document.getElementById ( "formdiv" ).getElementsByTagName ( "select" );

var e = document.forms.form1.elements;
for ( var i = 0; i < e.length; i++ )
{
  if ( e[i].tagName == 'SELECT' && e[i].options[ e[i].selectedIndex ].value == '1' )
  {
    // do something here
  }
}

var selects = document.getElementsByTagName('select');

var checked = 0;
for(var i in selects)
{
    checked += selects[i].value;
}

if(checked == selects.length)
{
   //yay
}