What is Lorem Ipsum? Standard Dummy Placeholder Text

I have seen the Lorem Ipsum (or more simply Lipsum) placeholder text so many times and wondered about it. Apparently Lorem Ipsum is the dummy text of the printing and typesetting industry that has been the industry’s standard dummy text ever since the 1500s.

“It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text”

This is the standard Lorem Ipsum passage, used since the 1500s.
"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum."

Wikipedia has more about the history, discovery, variants, english translation of Lorem Ipsum (or Lipsum). Found via Digg.