MdSelect does not handle long text well

[jermowery]

Bug, feature request, or proposal:

Bug

What is the expected behavior?

For long text to be truncated with ellipsis (at least that is what the styles seem to suggest).

What is the current behavior?

When the select is open the long text is clipped at the end instead of being displayed with an ellipsis.
When long text is selected the the text goes beyond the select (with the down arrow on top of the text) forever.

What are the steps to reproduce?

See the select: http://plnkr.co/edit/Tg3diW0HhFsDq29rWo4Y?p=preview

What is the use-case or motivation for changing an existing behavior?

Good behavior

Which versions of Angular, Material, OS, browsers are affected?

Latest, Latest, Ubuntu/ChromeOS, Chrome

[jermowery]

Thanks for the quick PR!

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