Forked version, which is maintained and does not require jQuery nor adds any support to jQuery.
The placeholder attribute is the part of HTML5 specification. Currently, it works only in WebKit-based browsers, like Google Chrome and Safari. Placeholder.js fixes it!
Tested on IE 7-9 and Firefox 3.6.
To use: inputPlaceholder(document.getElementById('some_input'), "#AAA")
placeholder.js doesn't work with <input type='password'>
yet.