Things I learned about IE text inputs.

(View in IE10 to see examples.)

Placeholder text styling can affect the input styling. I've set the font size of the placeholder text to 0.

Text indent on the placeholder messes with the cursor's initial location until you start typing, but does not actually indent the placeholder text.

Transitions don't work on placeholder text or the input. In fact, the padding takes no effect until the input is focused. The focus/active padding takes no effect until typing. The following example's padding changes on focus/active.

If the font weight of the placeholder text is different than the weight of the value, you can see the placeholder change when removing focus from the input. If you look closely, you can see the weight change if you click between these inputs.

You can remove the X that appears using: ::-ms-clear {display: none;}

I could not find a way to hide placeholder text. Setting the color to match the background color is the closest, but the text still flashes when removing focus. This is what display: none; on the placeholder text does.

This is what opacity: 0; on the placeholder text does. At least the fields are still clickable...

My recommendation would be to fall back to something like this for IE. It's not as efficient or flashy, but it works.