Why doesn't placeholder string draw in NSTextField?

FROM : Jason Rusoff
DATE : Mon Jun 26 23:11:34 2006

I have an NSTextField that I have set up with a placeholder string. After editing I find that the placeholder is never drawn even though the field's string value is now nil. Any tips on what gotchas there are with these placeholders? As far as I can see there is no flag to tell the field whether or not to use the placeholder. Did I miss something?
Thanks,
JR