That's a pretty solid method that should work well in most browsers. It's not really that complex when you break it down. Here's a basic example:
<style type="text/css">
#hideoverflow { overflow: hidden; }
#outer { position: relative; left: 50%; float: left; }
#inner { position: relative; left: -50%; float: left; }
</style>
<div id="hideoverflow">
<div id="outer">
<div id="inner">
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</div>
</div>
</div>
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