Javascript Password Revealer using Prototype

Inspired by the latest Coding Horror post, here's an code snippet that allows you to implement a password revealer using the Prototype JavaScript library.
function togglePassword(elem){

        var e=$(elem);

        e.type=='password' ? e.type='input' : e.type='password';

}
Check it out in action below.
<br /> Check it out in action <a href="http://static.notedpath.com/password_revealer.html">here</a>.<br />
I wouldn't mind seeing more web forms adding this feature for password fields.