blink.js

$(replace_placeholders);
function replace_placeholders() {
        var browser_supports_placeholder;
        if (typeof Modernizr != "undefined") {
                placeholder_support = Modernizr.input.placeholder
        } else {
                placeholder_support = !!("placeholder" in (document.createElement('input')));
        }
         
        if (browser_supports_placeholder) { return; }

        $('input[placeholder], textarea[placeholder]')
        .each(function() {
                var txt = this.placeholder;
                this.value = txt;
                this.title = txt;
        }).live('focusin', function() {
                if(this.value == this.title) {
                        this.value = '';
                }
        }).live('focusout', function() {
                if(this.value == '') {
                        this.value = this.title;
                }
        });
}