Here's a great article by Brad Frost about the new float label trend for forms. Unfortunately it seems it isn't so well supported in browsers yet and the possible accessibility issues make it a no-go for my current projects, but this is the kind of thing that can create some really clever UI for sites that only target those with the newest tech or if you're just looking to make some fun proof of concept demos.
For extended reading, Chris Coyier posted an article along with a demo...
