Quick and dirty input placeholder shim using jQuery + Modernizr (Tested in IE7 + 8)

gistfile1.js

$('.lt-ie9 input[placeholder], .lt-ie9 textarea[placeholder]').each(function(){
    var $this = $(this),
        placeholder = $this.attr('placeholder');

    $this.addClass('placeholder').val(placeholder);

    $this.focus(function() {
        $this.val('');
    }).blur(function() {
        if ($this.val() === '') {
            $this.val(placeholder);
        }
    });
});