sprucemedia/jQuery.divPlaceholder.js — pull request #2 by noobiept (2013-02-27 00:41:40+00:00)
Title: Have a way to update the placeholder

As I say in the commit, if you change the text directly with code, there's no way to update the placeholder (well, apart from repeating the code in the lib).

So adding a function helps for this.

I'm not sure on the name, or whether if it should be a function or maybe be inside a module.. would be ok with a different approach.