Hey Al, I took a look at this. Your CSS for class "watermarktextbox" is specifying Color: #FFFFFF, so you're getting white on white.
I was able to troubleshoot this quickly with FireBug. I recommend you get that FireFox extension. It makes it super simple for things like this--you can right-click on an object and select "inspect element" to see all the CSS that's being used. Within FireBug I turned off the Color on .watermarktextbox, and the text started appearing.