I like to package this up in the name space and run on elements with the "placeholder" attribute...
$("[placeholder]").togglePlaceholder();
$.fn.togglePlaceholder = function() {
return this.each(function() {
$(this)
.data("holder", $(this).attr("placeholder"))
.focusin(function(){
$(this).attr('placeholder','');
})
.focusout(function(){
$(this).attr('placeholder',$(this).data('holder'));
});
});
};