Sizing width of an element as a percentage of its height or vice versa in a fluid design?

I came across this problem last year and found an obscure solution after some tedious researching. Unfortunately it involves wrapper DIVs. The structure is simple - you have a parent DIV which contains the contents container and another DIV that sets the proportions. You set the margin-top of the 'proportion' DIV as percent of the width of the parent... Example:

#parent {
    position: relative;
}
.proportions {
    margin-top: 75%; /* makes parent height to 75% of it's width (4:3)  */
}
.container { /* contents container with 100% width and height of #parent */
    position: absolute;
    top: 0px;
    left: 0px;
    bottom: 0px;
    right: 0px;
}

http://jsfiddle.net/twpTU/