Is the property text-align: center; a good way to center an image using CSS?
img {
    text-align: center;
}
             
        
Only if you need to support ancient versions of Internet Explorer.
The modern approach is to do margin: 0 auto in your CSS.
Example here: http://jsfiddle.net/bKRMY/
HTML:
Hello the following image is centered

Did it work?
CSS:
p.pic {
    width: 48px;
    margin: 0 auto;
}
The only issue here is that the width of the paragraph must be the same as the width of the image. If you don't put a width on the paragraph, it will not work, because it will assume 100% and your image will be aligned left, unless of course you use text-align:center.
Try out the fiddle and experiment with it if you like.