User "cools_sonu" asked about how to style the new input's "HTML5 placeholder" attribute. Final answer was : "W3C is working on this". (this post have been closed since)
It is a very good thing that W3C is considering a solution for the CSS styling of the PLACEHOLDER, but until they come with a solution and that we see it working in Geeko or Webkit browsers... There's a good chance that your project will be deliver online.
So for a clean and quick solution I suggest you using Doug Neiner's solution: The "In Field Label" jquery plugin. You can get it at this URL: In-Field Labels: A Better Way + jQuery Plugin | Fuel Your Coding
It is a clean solution using the existing HTML <label> tag to generate a "placeholder look-a-like" fade-in / fade-out effect on selected <input>. This method respect the semantic of the makup.