HTML5 INPUT placeholder text

One of the great improvements for forms in HTML5 is the ability to display placeholder text in your INPUT fields. Traditionally, this has required developers to add a variety of JavaScript methods to dynamically update the field, now (for browsers that support it) you can use a simple attribute on your tag elements.

OLD:
<input type="text" value="Search" onfocus="if(this.value == 'Search'){this.value = '';}" onblur="if(this.value == ''){this.value = 'Search';}" />

NEW:
<input type="text" value="" placeholder="Search" />

REFERENCES: