When using input[md-input] and binding a value using [value]="expr", the internal value is not updated when [value] resolves. This in turn propagates to empty not updating once [value] resolves.
When setting an input's value with [value], it should be honored. The placeholder should move out of the way when value is set.
The input believes it is empty and the placeholder stays in the original spot.
http://plnkr.co/edit/79XlYsdCjUKQvnKQyDRU?p=preview
Material 2.0.0-beta.0
As a follow up, this works properly when using ngModel or formControlName. I actually have a scenario in which I want to show readonly form elements without binding the data to a form. It also does work if using value="name" but not using value="{{name}}"
same is true when using reactive forms and not setting the values right from the start (eg set them after http call or a timeout)
http://plnkr.co/edit/JkLHwmauIhJGy7dJfQU7?p=preview
Edit: it seems that a handful of things are missing here from the NgControl because the (new) md-input directive seems just to rely on Inputs for things like 'disabled' or 'required' to style the container & label... (updated the plnkr)
it also seems not to work when binding via [value]="some.value"
this causes the placeholder to remain where it was

it also seems not to work when binding via [disabled]="testCondition" or [disabled]= "'true'"
We still can edit the value when testCondition is true.
It doesn't work even when using formControl or formControlName, specifically when the value is set asynchronously.
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Most helpful comment
same is true when using reactive forms and not setting the values right from the start (eg set them after http call or a timeout)
http://plnkr.co/edit/JkLHwmauIhJGy7dJfQU7?p=preview
Edit: it seems that a handful of things are missing here from the
NgControlbecause the (new)md-inputdirective seems just to rely on Inputs for things like 'disabled' or 'required' to style the container & label... (updated the plnkr)