The fact that bugdar uses only one form field to control 3 bug parameters (product, version & component) is bad usability and not optimal.

Let's imagine 10 products with 9 components and 8 versions each. In this case,
- the version numbers are repeated each time under each product under each component. In our fictional case of 10x9x8, that means that, instead of manipulating 3 dropdown lists (that can be arranged horizontally one besides another), the user has to scroll through one monolithic list that has 10*(9+9*8) items, that is a 810-item-high list. If 3 separate form lists were used instead, the user would have 10+9+8 choices, for a total of 27. Much better than 810.
- it is downright confusing to have so much redundant information
- things are usually worse if the user is in the "Search" page instead of the "New" page, because ALL the versions are shown in the form, even the obsolete ones (achieving the 10x9x8 scenario above).