I have a small one Vic – it's a good solid small vice and seems well made but frankly I've never used the self-centring aspect of it as such, although it might be useful.
For instance my small Taig head has a ER16 collet (max 10mm). So in theory I could hold a 10mm rod in the collet, grip it in the vice, then bolt the vice in position and then place (say) a 30mm piece in the vice and it would be 'automatically' centred.
I'm not sure how accurate this would be in practice though. Probably in the "near enough" category for most things I would think but I don't know for sure. I guess I'll have to test it now… 
Regards,
IanT