Building off Thomas Stock's answer, I created these overloaded ToSelectList methods:
using System;
using System.Collections.Generic;
using System.Linq;
using System.Web.Mvc;
public static partial class Helpers
{
    public static IEnumerable<SelectListItem> ToSelectList<T>(this IEnumerable<T> enumerable, Func<T, object> value, bool selectAll = false)
    {
        return enumerable.ToSelectList(value, value, selectAll);
    }
    public static IEnumerable<SelectListItem> ToSelectList<T>(this IEnumerable<T> enumerable, Func<T, object> value, object selectedValue)
    {
        return enumerable.ToSelectList(value, value, new List<object>() { selectedValue });
    }
    public static IEnumerable<SelectListItem> ToSelectList<T>(this IEnumerable<T> enumerable, Func<T, object> value, IEnumerable<object> selectedValues)
    {
        return enumerable.ToSelectList(value, value, selectedValues);
    }
    public static IEnumerable<SelectListItem> ToSelectList<T>(this IEnumerable<T> enumerable, Func<T, object> value, Func<T, object> text, bool selectAll = false)
    {
        foreach (var f in enumerable.Where(x => x != null))
        {
            yield return new SelectListItem()
            {
                Value = value(f).ToString(),
                Text = text(f).ToString(),
                Selected = selectAll
            };
        }
    }
    public static IEnumerable<SelectListItem> ToSelectList<T>(this IEnumerable<T> enumerable, Func<T, object> value, Func<T, object> text, object selectedValue)
    {
        return enumerable.ToSelectList(value, text, new List<object>() { selectedValue });
    }
    public static IEnumerable<SelectListItem> ToSelectList<T>(this IEnumerable<T> enumerable, Func<T, object> value, Func<T, object> text, IEnumerable<object> selectedValues)
    {
        var sel = selectedValues != null
            ? selectedValues.Where(x => x != null).ToList().ConvertAll<string>(x => x.ToString())
            : new List<string>();
        foreach (var f in enumerable.Where(x => x != null))
        {
            yield return new SelectListItem()
            {
                Value = value(f).ToString(),
                Text = text(f).ToString(),
                Selected = sel.Contains(value(f).ToString())
            };
        }
    }
}
In your controller, you might do the following:
var pageOptions = new[] { "10", "15", "25", "50", "100", "1000" };
ViewBag.PageOptions = pageOptions.ToSelectList(o => o, "15" /*selectedValue*/);
And finally in your View, put:
@Html.DropDownList("PageOptionsDropDown", ViewBag.PageOptions as IEnumerable<SelectListItem>, "(Select one)")
It will result in the desired output--of course, you can leave out the "(Select one)" optionLabel above if you don't want the first empty item:
<select id="PageOptionsDropDown" name="PageOptionsDropDown">
<option value="">(Select one)</option>
<option value="10">10</option>
<option selected="selected" value="15">15</option>
<option value="25">25</option>
<option value="50">50</option>
<option value="100">100</option>
<option value="1000">1000</option>
</select>
Update: A revised code listing can be found here with XML comments.