There's nothing wrong with left or right, but center isn't actually centered unless the template fixes it. This isn't actually bad since the respective demo image in the media db doesn't show the image as centered -- it is aligned left, but not floated. I think this is a valid display option, but the respective class should not be called .serendipity_image_center. That is potentiall confusing.
Then again, it is perfectly valid to want to be able to actually display images centered, so we should offer that as a fourth option. Hope I didn't confuse anybody too much with this.

YL