If you have a look via firebug, the <p> element has a height of 21 px, but its first ancestor has a height of 26px and the gap between the top and bottom of the row is not even (the top gap is smaller than the bottom).
Tried everything, but with no luck. Maybe this is a bug in the height calculation.
Yep, there is actually a problem with autoheight, that will be fixed in the next update. After fixing the issue the <p> tag will be correctly centered in the template.