IE's use of the alt="" attribute for tooltips is actually incorrect. The title="" attribute is meant for things like tooltips, the alt="" attribute is intended for things like non-graphical browsers and browsing tools for those who cannot see, for example (short description, not tooltip).
The fact that IE even renders anything for alt="" on an input element is silly. It's definitely not XHTML-compliant, and looks alarmingly proprietary.
Look here for "real" attributes, and other browser-specific notes:
http://blooberry.com/indexdot/html/tagpages/i/inputtext.htm
EDIT: actually, i looked at the XHTML 1.0 DTDs and it does seem to be in there, I stand corrected.
<!ELEMENT input EMPTY> <!-- form control -->
<!ATTLIST input
%attrs;
%focus;
type %InputType; "text"
name CDATA #IMPLIED
value CDATA #IMPLIED
checked (checked) #IMPLIED
disabled (disabled) #IMPLIED
readonly (readonly) #IMPLIED
size CDATA #IMPLIED
maxlength %Number; #IMPLIED
src %URI; #IMPLIED
alt CDATA #IMPLIED
usemap %URI; #IMPLIED
onselect %Script; #IMPLIED
onchange %Script; #IMPLIED
accept %ContentTypes; #IMPLIED
Also, XHTML1.1:
http://www.w3.org/TR/xhtml-modularization/abstract_modules.html#s_extformsmodule
So yeah, I gues it is valid. My bad.