This is an old solution but browser market shares have advanced enough that you may be able to get by without the IE hack part of it if you are not concerned about degrading for IE7. This works when you know the dimensions of the outer container but may or may not know the dimensions of the inner image.
.parent {
display: table;
height: 200px; /* can be percentages, too, like 100% */
width: 200px; /* can be percentages, too, like 100% */
}
.child {
display: table-cell;
vertical-align: middle;
margin: 0 auto;
}