HTML form – remove default values on click / focus

I found this handy little bit of javascript while creating a HTML form,

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<input type="text" value="Email Address" name="email" onblur="if (this.value == '') {this.value = 'Email Address';}"  onfocus="if (this.value == 'Email Address') {this.value = '';}" />

what it does is when a user clicks on the field it will remove the default value – this means you dont need to label all of the fields

source: http://www.brightcherry.co.uk/scribbles/2008/12/04/html-form-effect-remove-default-value-on-focus/