[topvip]

If you want to remove this text on 4.2.X edit in your header.php via style manager.

Find this and remove only what I highlighted in bold:

<li class="inputPad"><input type="text" class="loginInput" name="vb_login_username" id="navbar_username" size="10" accesskey="u" tabindex="101" value="<vb:if condition="$username">{vb:raw username}<vb:else />{vb:rawphrase username}</vb:if>" /><input type="text" class="textbox default-value" tabindex="102" name="vb_login_password_hint" id="navbar_password_hint" size="10" value="{vb:rawphrase password}" style="display:none;" /></li>