Greetings!

You may be experiencing an issue with Page Editor in Sitecore

To work this around, follow these 3 easy steps.

  1. Locate the following file: <web root>\sitecore\shell\Applications\WebEdit\WebEditElement.js
    Create a backup copy of it.

  2. Find the following function: _Sitecore.WebEdit.Element.prototype.load = function() _and replace it with this:

Sitecore.WebEdit.Element.prototype.load = function() {
 if (this.element.getAttribute("scWatermark") == "true") {
 this.element.removeAttribute("scWatermark");
 this.watermarkHTML = this.element.innerHTML;
 }else
 {
 this.watermarkHTML = "[No text in field]";
 }
this.buttons.select(".scWebEditFrameButtonIcon").each(function(icon) {
 icon.observe("dragstart", function(e) { e.stop(); });
 });
 this.element.observe("click", this.onClick.bind(this));
 this.element.observe("blur", this.onBlur.bind(this));
}
  1. Then locate this function: Sitecore.WebEdit.Element.prototype.isWatermark = function() {

and replace it with this:

Sitecore.WebEdit.Element.prototype.isWatermark = function() {
 fl=false;
 if((this.watermarkHTML  this.element.innerHTML)||(this.element.innerHTML"[No text in field]"))  
 {  
 fl=true;  
 }  
 return fl;  
}

Quick disclaimer: this proved working on my local 6.2.0 (rev. 100831) installation, however, this is not a fully tested solution, so there may be conflicts depending on exact version of your Sitecore instance and level of customization.

Thanks goes to Sitecore Customer Service for quick solution!