Really you should be designing for the content, a practice that pretty much precludes the use of placeholder text. That said, our new rule is, if you're going to use placeholder text, use Slipsum – Samuel L. Ipsum (probably NSFW).
Sure it defeats the purpose of Lorem Ipsom entirely by being distractingly, hilariously readable, but sometimes when you're slogging through a boring project you need a little humor.
Slipsum comes in two varieties, regular, NSFW Pulp Fiction quotes and Lite quotes without the swearing.
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