When select a row from drop-down panel, the 'onSelect' event is fired, in which you can get the selected row and assign the description field value to other input.
$('#product').combogrid({
panelWidth:500,
url: 'myservice',
idField:'prodId',
textField:'desc',
mode:'remote',
fitColumns:true,
columns: [[
{field:'prodId',title:'Product No',width:10},
{field:'desc',title:'Desc',width:75}
]],
onSelect: function(index,row){
var desc = row.desc; // the product's description
console.log(desc);
}
});