Here is an example:
http://jsfiddle.net/QZAd8/1/
Notice how all of the red divs are the same height and have padding-top:100%;, yet
height
padding-top:100%;
It's true that padding percentage is relative to the width, but specifically, padding: 100% can also be read as padding: *width-of-container*px.
padding: 100%
padding: *width-of-container*px
The A and C blocks had a width of 70px. Applying padding: 100% was the same as padding: 70px
70px
padding: 70px