Would this technique work to center, say, an <img> tag with undeclared dimensions inside of a div? Or do you have to jump through hoops?
In my experience, most of the time when I do want to center something vertically, I have a defined height (which can be a percentage!), so absolute centering is the solution of choice.
Firefox uses pcwaltons method for images (resource://gre/res/TopLevelImageDocument.css). Do you want the image to be in the center/vertical of the div (with the div having a specified height)? If so, then pcwaltons method should work, as long as you have position:relative; on the div.