Fallback code for the HTML5 "placeholder" attribute

jquery.placeholder.js

$(function() {
	if (!('placeholder' in document.createElement('input'))) {
		$('input[placeholder], textarea[placeholder]').each(function() {
			var text = this.getAttribute('placeholder');
			var fld = $(this);

			function setPlaceholder() {
				if (fld.val() == text || fld.val() == '') {
					fld.addClass('jqPlaceholder');
					fld.val(text);
				}
			}

			function removePlaceholder() {
				if (fld.val() == text || fld.val() == '') {
					fld.val('');
					fld.removeClass('jqPlaceholder');
				}
			}

			setPlaceholder();

			fld.focus(removePlaceholder);
			fld.blur(setPlaceholder);
			fld.parents("form").submit(removePlaceholder);
		});
	}
});

Neat, but could use a bit of work, DRY-wise.

There you go.