come dice il w3c si applica solo a elementi inline e al contenuto delle celle di una tabella

'vertical-align'
Value: baseline | sub | super | top | text-top | middle | bottom | text-bottom | <percentage> | <length> | inherit
Initial: baseline
Applies to: inline-level and 'table-cell' elements
Inherited: no
Percentages: refer to the 'line-height' of the element itself

ciao paolo