Contenteditable for inline editing

HTML

<div id="container">
    <ul>
        <li id="title" contentEditable="true">Edit title</li>
        <li id="description">Edit description</li>
    </ul>
</div>

JavaScript

$(function(){
    $("li[contenteditable=true]").live("blur", function() {
        var dataValue = $(this).data("value");
        if (dataValue && $(this).data("value") != $(this).text())
            alert("changed!")
        else
            alert("not changed")
                
        $(this).data("value", $(this).text());
    });
    // dud
    $("#title").change(function(){
        alert("changed!");
    })
});