I’m doing some development lately (instead of the normal no-code-solutions). This piece of code you can use to get the value of a multilookup field:
Dim query As String = "<Where><Eq><FieldRef Name=""ID"" /><Value Type=""Counter"">" & id & "</Value></Eq></Where>"
For Each listitem As SPListItem In Me.GetSPListItem(query) ‘code to get the items … no magic here …
If Not listitem.Fields(fieldname) Is Nothing Then
Dim studentValues As SPFieldLookupValueCollection = listitem(fieldname)
If Not studentValues Is Nothing Then
For Each studentValue As SPFieldLookupValue In studentValues
‘do something with each value
‘it contains the ID and Title
Next
End If
End If
Next