Lot of designers are using placeholder on form elements. Few designers try to design Form in such a way that they will either show and hide for screen readers. Few others use Floating labels, If you want to know more about Floating Labels please read this

CSS

[css]
::-webkit-input-placeholder {
color: red;
}

::-moz-placeholder {
color: green;
}

:-ms-input-placeholder {
color: blue;
}

[/css]

HTML

[html]
<input type="text" placeholder="Enter your Name here"/>
[/html]

Additional note:
The :-moz-placeholder pseudo-class is deprecated in Firefox 19.

For older version of IE to support the placeholder, you may need to use some javascript solution.