jQuery remove text in input on focus

jQuery code:

$(function(){
    var input = $('input.text'); // input text field
    var default_value = input.val();
    input.focus(function(){
        if ($.trim($(input).val()) == default_value) input.val('');
    });
    input.blur(function(){
        if ($.trim($(input).val()) == '') input.val(default_value);
    });
});​

Or use placeholder feature:

<form class="well">
    <div class="control-group">
        <input type="text" placeholder="placeholder text" />
    </div>
    <div class="control-group">
        <textarea placeholder="placeholder text (will disappear after typing)" cols="30" rows="5"></textarea>
    </div>
</form>​