Rebuilded the javascript code from Shadi Domats article. I wanted to have the text from labels connected to the objects instead and also keep the label text until you select the text fields.
2009-12-01 Fixed a serious IE crash bug
2009-11-30 Added an option to show the default text on the password showDefaultPasswordText(bool) and also rebuilt the code.
2009-11-29 Added so type="password" will show if empty the default label text also, will probobly add this as an option later on.
200-11-20 Added onHoverHide(bool) to add the options to mimic Shadis default code. Added selectText(bool) option to select a default text when focused.
Click on the headers below to show demo