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">
            Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed id velit vel  augue fringilla rhoncus at et odio. Suspendisse potenti. Aliquam justo  libero, commodo ut iaculis in, placerat vel purus.
        </div>
    </div>
</div>