Zurb textchange plugin failing in IE 7 on text inputs

Zurb textchange plugin failing in IE 7 on text inputs

The ZURB text change event plugin is ideal for my needs.
http://www.zurb.com/playground/jquery-text-change-custom-event

Unfortunately in Internet Explorer 7* it is failing to fire more than once when applied to a text input. I put together a minimal test case to demonstrate:  http://static.fusion.com.au/ollie/textchange/

Has anyone else figured out how to fix this already?
Is there an alternative that would serve me better?

Thanks in advance for any suggestions or pointers.
Cheers Ollie

* Also fails in Internet Explorer 8 Compatibility View