This isn't a better way. Sure it looks neat, and seems better to people who know about this stuff, but people who aren't on computers every day might need to spend an extra minute figuring out what's going on when they try to select the text that is still there when they click on the field and they can't. So yeah, great for nerds, but not great for usability.
The link above posted by alabut is awesome, thanks.
The link above posted by alabut is awesome, thanks.