Feature request

Yes that is called placeholder.

Look in Show Details button of Fields tab

Default:
Version 4.xx: Use to pre-fill a value for the field. For select and radio fields, enter the number of the option to pre-select (1 = first item, etc.). For select-multiple and checkbox-multiple, enter the list item number(s) to pre-select separated by commas. For a checkbox, enter “1″ to pre-check the box.

Default as placeholder:
Check this setting if you want the default text to be a placeholder inside the form field. The placeholder is a short hint that is displayed in the input field before the user enters a value. Works with the following input types only: name, email, subject, message, text, textarea, url, and password. This setting is sometimes used along with the “Hide label” setting.