JS: jQuery Fallback Placeholder

placeholder.js

// Add input placeholder for older browsers
(function ($) {
	"use strict";

	if (!Modernizr.input.placeholder) {

		$('[placeholder]').focus(function () {
			var input = $(this);
			if (input.val() === input.attr('placeholder')) {
				input.val('');
				input.removeClass('placeholder');
			}
		}).blur(function () {
			var input = $(this);
			if (input.val() === '' || input.val() === input.attr('placeholder')) {
				input.addClass('placeholder');
				input.val(input.attr('placeholder'));
			}
		}).blur();
		$('[placeholder]').parents('form').submit(function () {
			$(this).find('[placeholder]').each(function () {
				var input = $(this);
				if (input.val() === input.attr('placeholder')) {
					input.val('');
				}
			});
		});
	}
}(jQuery));

http://webdesignerwall.com/tutorials/cross-browser-html5-placeholder-text