It is deprecated by the W3C, which means that by the HTML (or XHTML) standards, the usage of <center> tags should be avoided. Pages using center tags will not be considered as valid by the W3C validator.
Alignment, font styles, and horizontal rules in HTML documents
However, browsers will still center everything inside a <center> tag, to support old websites. Old versions of IE may be pretty fussy, and will require workarounds to get something to center without <center> tags.
Reading a little from the net will help you understand how to center something with CSS. When to use the text-align property and when to use the margin. property.