Float Label Pattern
Not bad.  Certainly better than inline labels.  However, I think another con is the distraction of stuff moving around as soon as I start to type.<p>Let me be clear, it's not that there's movement.  It's that if a box asks me to enter something, then my answer is premised on what was asked of me.  If the moment I start typing it seems like something in the environment is changing -- suddenly I'm like, whoa, what changed?  Is what I'm typing still what the box wants?  Did I do something that caused state to change simply by typing a character?<p>There's this tiiiiny moment of hesitation at that first character, before my eyes scan what happened, re-read the label text, and I see what occurred and that my input is still valid.<p>tl;dr: might take a bit of getting used to seeing stuff change on the screen the moment you type into a box.