Watermark TextBox in WinForms

Can anyone point me to a good implementation of a basic Windows Forms TextBox that will initially show watermark text that disappears when the cursor enters it? I think I can create my own with some creative use of Enter and Leave events, but I'm sure there's a perfectly usable implementation sitting around somewhere. I saw the WPF implementation and if necessary I could nest it, but a native WinForms TextBox derivative would be better.

I have this so far; haven't tried it yet but does anyone see any glaring problems?

public class WatermarkTextBox:TextBox
{
    public string WatermarkText { get; set; }

    public Color WatermarkColor { get; set; }

    private Color TextColor { get; set; }

    private bool isInTransition;

    public WatermarkTextBox()
    {
        WatermarkColor = SystemColors.GrayText;
    }

    private bool HasText { get { return Text.IsNotNullOrBlankOr(WatermarkText); }}

    protected override void OnEnter(EventArgs e)
    {
        base.OnEnter(e);

        if (HasText) return;

        isInTransition = true;
        ForeColor = TextColor;
        Text = String.Empty;
        isInTransition = false;
    }

    protected override void OnForeColorChanged(EventArgs e)
    {
        base.OnForeColorChanged(e);
        if (!isInTransition) //the change came from outside
            TextColor = ForeColor;
    }

    protected override void OnLeave(EventArgs e)
    {
        base.OnLeave(e);

        if (HasText) return;

        isInTransition = true;
        ForeColor = WatermarkColor;
        Text = WatermarkText.EmptyIfNull();
        isInTransition = false;
    }
}

EDIT: The above would have eventually worked with some finessing, but the CueProvider worked much better. Here's my final implementation:

public class WatermarkTextBox:TextBox
{
    private string watermarkText;
    public string WatermarkText
    {
        get { return watermarkText; }
        set
        {