How to change textbox value on blur() and focus() events in jquery?

Let following text field.

<input type='text' name="textbox" id="textbox" />

By following statement you can set its default value.

  $("#textbox").val("Any Value");

Use focus() event to change value when you focus on input field.

  $("#textbox").focus(function(){
         $("#textbox").val("");      
 });
  

Use blur() event on textbox field.

  $("#textbox").blur(function(){
         $("#textbox").val("Any Value");      
 });
  

Following is the code that I used on a website for search input text field.

  		
		$('#s').focus(function(){
		  if($(this).val()=="Search...") {
		    $(this).val("");
		  }	 
		});
		$('#s').blur(function(){
		  if($(this).val()=="") {
		    $(this).val("Search...");
		  }	 
		});