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Every dealer uses his or her own method of grading centering and hinging. To clear up any confusion, here are my definitions for centering and hinging. If you have any questions, please feel free to email me. Imperforate issues are graded somewhat similarly but are typically graded by the size of the margins and not so much by their "centering".

Centering

Superb - Perfect centering with four even margins

XF-S - Perfect centering but top and bottom and side margins are not equal

XF - Almost perfectly centered

VF - Well centered with perfs well clear of the design. On some issues this may vary slightly as the stamps were printed closely together (i.e. Jamestown Issue)

F-VF - Perfs close but clear on one side and well-centered in the other direction

Fine - Perfs close on two sides

Hinging

Never Hinged - Self-explanatory
Lightly Hinged (LH) - Hinged once (maybe twice) with a light peelable hinge. There is no gum disturbance and there are no remnants
Medium Lightly Hinged (MLH) - A hinge remnant has been neatly removed leaving obvious signs of previous hinging
O.G. - The stamp has full original gum but there are obvious signs of previous hinging. There may be a small hinge remnant or some minor gum disturbance.

Degrees of Thins (How I rate them)

Pinpoint or Thin Speck - The tiniest of Thins - Not much bigger than the diameter of a pinpoint (Smaller than 1mm)
Small Thin - Ranges from 1-2mm in diameter
Thin Spot - Ranges from 2-4mm in diameter
Thin - Usually covers an area larger than 4mm

Degrees of Creases (How I rate them)

Light / Mild gum bend - Light bend in the paper. Does not break paper fibers and does not show in fluid.
Natural Gum Bend (NGB) - Slightly heavier than above but, also, does not break fibers and does not show in fluid.
Light Gum Crease - Slightly heavier than a gum bend. May show in fluid. Does not break fibers.
(Natural) Gum Crease - Often seen of Flat Plate issues. Shows in fluid. May break paper fibers slightly.
Crease - Definitely visible in fluid and breaks paper fibers.