With some help from a forum member, I got the functionality of this plugin working tonight. It allows for a checkbox or link to make the password field of a form show the hidden characters, because sometimes it's nice to see them. I turned it into a plugin, and because I still consider myself a beginner with javascript, I thought I'd ask for a review so hopefully I can learn something. I tested it in FF5, IE7, IE8, IE9, Latest Opera, Latest Chrome, and Latest Safari.

Code JavaScript:
(function($){
	$.fn.passwordToggle = function(options) {
 
		/* Set defaults */
		var defaults = {
			target:		'#password',
			extra_attr:	''
		};
 
		/* Override defaults with options */
		var options = $.extend(defaults, options);
 
		// Register the click event on the trigger
		$(this).bind('click', function(e){
			// Prevent default in case trigger is a link
			e.preventDefault();
			// Get the value
			var current_password = $(options.target).val();
			// Get the type
			var current_type = $(options.target).attr('type');
			// Get the ID
			var current_id = $(options.target).attr('id');
			// Determine the replacement type
			if( current_type == 'text' ){
				var replacement_type = 'password';
			}else{
				var replacement_type = 'text';
			}
			// Build the replacement
			var replacement = '<input id="' + current_id + '" type="' + replacement_type + '" value="' + current_password + '"';
			if(options.extra_attr != ''){
				replacement += options.extra_attr;
			}
			replacement += '/>';
			// Do the replacement
			$(options.target).replaceWith(replacement);
		});
 
	}
})(jQuery);