JSFiddle - React, Tailwind, and code Playground
HTML
<script src="http://dl.dropbox.com/u/1722364/modernizr-1.5.min.js"></script>
<input type="text" placeholder="Search" />
<input type="text" placeholder="Placeholder" />
<input type="text" placeholder="Funny words" />
JavaScript
if(!Modernizr.input.placeholder){
var input = $('input[type="text"]');
input.focus(function(){
if(this.value === this.getAttribute('placeHolder')) this.value = '';
}).blur(function(){
if(this.value === '') this.value = this.getAttribute('placeHolder');
}).blur();
}