Gravity Forms labels used as placeholders

functions.js

jQuery(document).ready(function($){

	// gravity forms custom placeholders
	$('#inner li.gfield .gfield_label').click(function(){
		$(this).next('.ginput_container').find('input[type="text"], textarea').focus();
	})

	$('#inner .ginput_container input[type="text"], #inner .ginput_container textarea')
	.focus(function(){
		$(this).closest('.ginput_container').prev('.gfield_label').hide();
	})
	.blur(function(){
		if( $(this).val() == "" ){
			$(this).closest('.ginput_container').prev('.gfield_label').show();
		}
	})

	$('#inner .ginput_container input[type="text"], #inner .ginput_container textarea').each(function(){
		if( $(this).val() != "" ){
			$(this).closest('.ginput_container').prev('.gfield_label').hide();
		}
	})

});

style.css

#inner .gfield_label {  }
#inner li.gfield  { position:relative;  }
#inner li.gfield .gfield_label { position:absolute; top: 4px; left: 6px; font-size: 14px; color: #949494; font-weight: normal; margin: 0; }

Thanks for this Bill.
Here is revised code for using with Genesis 2.0 with HTML5 enabled.

jQuery(document).ready(function($){

    // gravity forms custom placeholders
    $('.site-inner li.gfield .gfield_label').click(function(){
        $(this).next('.ginput_container').find('input[type="text"], textarea').focus();
    });

    $('.site-inner .ginput_container input[type="text"], .site-inner .ginput_container textarea')
    .focus(function(){
        $(this).closest('.ginput_container').prev('.gfield_label').hide();
    })
    .blur(function(){
        if( $(this).val() === "" ){
            $(this).closest('.ginput_container').prev('.gfield_label').show();
        }
    });

    $('.site-inner .ginput_container input[type="text"], .site-inner .ginput_container textarea').each(function(){
        if( $(this).val() !== "" ){
            $(this).closest('.ginput_container').prev('.gfield_label').hide();
        }
    });

});

and the CSS

.site-inner .gfield_label {  }
.site-inner li.gfield  { position:relative;  }
.site-inner li.gfield .gfield_label { position:absolute; top: 4px; left: 6px; font-size: 14px; color: #949494; font-weight: normal; margin: 0; }