The default text in my search box looks fine in Chrome, FF, and Safari (vertical-align: middle).
However, the default text rises to the top of the search box in
Have you tried setting the line height to match the height of the text box? The text should automatically appear in the middle of the line
Specifying line-height causes the cursor to grow very tall in Chrome , i will suggest to use equal padding from top/bottom to vertically align text in IE8, it will work in Chrome/FF/IE8