In looking at the "Web Forms : input placeholder" section of HTML5 Cross Browser Polyfills, one I saw was jQuery-html5-placeholder.
I tried the demo out with IE9, and it looks like it wraps your <input>
with a span and overlays a label with the placeholder text.
<label>Text:
<span style="position: relative;">
<input id="placeholder1314588474481" name="text" maxLength="6" type="text" placeholder="Hi Mom">
<label style="font: 0.75em/normal sans-serif; left: 5px; top: 3px; width: 147px; height: 15px; color: rgb(186, 186, 186); position: absolute; overflow-x: hidden; font-size-adjust: none; font-stretch: normal;" for="placeholder1314588474481">Hi Mom</label>
</span>
</label>
There are also other shims there, but I didn't look at them all. One of them, Placeholders.js, advertises itself as "No dependencies (so no need to include jQuery, unlike most placeholder polyfill scripts)."
Edit: For those more interested in "how" that "what", How to create an advanced HTML5 placeholder polyfill which walks through the process of creating a jQuery plugin that does this.
Also, see keep placeholder on focus in IE10 for comments on how placeholder text disappears on focus with IE10, which differs from Firefox and Chrome. Not sure if there is a solution for this problem.
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