First of all, check the FIDDLE DEMO
You can achieve this effect with a little JS work, in a cross browsers manner:
HTML
<input type="text" placeholder="Password" data-placeholder-note="(at least 4 characters)" />
JS (with jQuery)
$('input').each(function(){
    var current = $(this);
    var note = $('<span />').addClass('placeholder')
        .text(current.data('placeholder-note'))
        .insertAfter(this);
    var origPH = current.attr('placeholder');
    current
        .focus(function(){
            current.attr('placeholder', '');
            note.hide();
        }).blur(function(){
            current.attr('placeholder', origPH);
            note.show();
        });
    note.click(function(){current.focus();});
});
CSS
input {
    position:relative;
    font-size:18px;
    width:220px;
    padding:4px;
    border-radius:4px;
}
span.placeholder {
    font-size:12px;
    position:relative;
    left:-135px;
    color:#bbb;
}