Here is nice little snippet I use when I need to list all or some of the products from drupal commerce in select field in some forms, for example entity form.
$query = db_select('commerce_product', 'p');
$query
->fields('p', array('sku', 'title'))
->condition('p.type', 'giftcard', '!=');
$result = $query->execute();
$options = array();
while ($record = $result->fetchAssoc()) {
$options[$record['sku']] = $record['title'];
}
$options = array('0' => t('-Any-')) + $options; // use this only if this is used as filter of some kind
then you can go and just apply this to some form element like
$form['some_form']['sku'] = array(
'#type' => 'select',
'#title' => t('Product'),
'#default_value' => '',
'#options' => $options,
'#default_value' => $some_entity->sku,
);