Before following this advice, please read my article on Label Placement in Forms. http://www.usabilitynews.com/news/article3507.asp

Short version: putting labels above the boxes is OK for short labels for expected questions in simple forms. It´s not OK for longer labels or more complex forms.

Caroline makes some very good points in her articles. Normally the above instructions are for quick and easy call to action forms. Longer forms are more daunting and should be minified or broken up to keep people from being scared to fill out your form.

Also the point about using right aligned labels on forms that you have to "leave to find the information" allows you to quickly scan the left column for where you were, instead of having to dig through the form itself to find where you were.

As in all things, there are always exceptions to the rule.

Quite Impressive.but I have query.Is there any CSS property to make font smooth in IE?

This will work for very long lists of items, because a user already has the purpose of the input field in mind before the default value disappears.