Using iOS7/8 with auto-layout, button.imageView doesn't get scaled when button is laid out, e.g. for iPhone 6:
(lldb) po button
<UIButton: 0x7fb4f501d7d0; frame = (0 0; 375 275); opaque = NO; autoresize = RM+BM; tag = 102; layer = <CALayer: 0x7fb4f501d160>>
(lldb) po button.imageView
<UIImageView: 0x7fb4f51d21f0; frame = (0 0; 0 0); clipsToBounds = YES; hidden = YES; opaque = NO; userInteractionEnabled = NO; layer = <CALayer: 0x7fb4f5152860>>
After setting button's image, button.imageView assumed the size of the image, e.g. for a 320x240 image:
(lldb) po button.imageView
<UIImageView: 0x7fb4f51d21f0; frame = (27.5 17.5; 320 240); clipsToBounds = YES; opaque = NO; userInteractionEnabled = NO; layer = <CALayer: 0x7fb4f5152860>>
It looks like button.imageView does not respect its content mode, but actually, it is the size of the button.imageView that is the problem.
The answer is to set button's content alignment as well.
The following sets button's image, sets button.imageView's content mode, and makes button.imageView fit the size of button:
[button setImage:image forState:UIControlStateNormal];
button.imageView.contentMode = UIViewContentModeScaleAspectFill;
button.contentHorizontalAlignment = UIControlContentHorizontalAlignmentFill;
button.contentVerticalAlignment = UIControlContentVerticalAlignmentFill;
Now, button.imageView is the same size as button, and has the desired content mode.
(lldb) po button.imageView
<UIImageView: 0x7faac219a5c0; frame = (0 0; 375 275); clipsToBounds = YES; opaque = NO; userInteractionEnabled = NO; layer = <CALayer: 0x7faac219a6c0>>
The desired result is thereby achieved. Very handy!