form "Placeholder=" attribute


As most know, when using the placeholder="Search" attribute in a form it will not work in IE

I've heard there are various ways around this with jQuery (I've Googled and tried some of the ways but they don't seem to be 'as good' as other live examples I've seen)
For example, at the top of this very page in the right corner, the "Search" box which displays the text 'Search' and disappears upon focus and re-appears when focus is removed (works flawlessly in IE/Firefox/Chrome/Safari)

What solutions do you use? What do you feel is the best recommended solution?