Originally Posted by DevL
The definition of hub centric is a wheel which uses a precise hub bore as its method of centering. The only way it can do that is if the lugs cannot force the wheel to center (factory style flat base lugs) due to allowable play. If the hub were as tight a seat as the lug seats on a lug centric wheel the wheel could not be slid on by hand due to excessively tight clearance issues.
My factory wheels (Gulf States Toyota wheels), and my current wheels (BBS's from an 04 tundra limited) are hub-centric, factory wheels, and both have conical seat lug nuts from the factory. Not all hub centric wheels have shank and washer style. The clearance issue you are talking about would only occur if the hub and studs were machined out-of-spec.
I think and easier way to think of it is that if a the weight of a wheel is supported by the hub, it must be centered by that hub, so it's hub centric. If the weight of the wheel is supported by the lugs, it's lug centric.
Here is another example of a hub-centric wheel that uses 60 degree conical seat lugs.