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I always think of the balloon analogy in terms of a two dimensional representation of 3 dimensional space. The whole of the current universe is represented by just the surface of the balloon itself. Think of the "thickness" of space as being squashed into the balloon surface, so no matter which direction we are looking, we are always looking along the surface of the balloon. Therefore there IS no central point of expansion. Looking "into the balloon" would be like looking back to how the universe was at some previous time, but not in the way we usually think of looking back in time when looking billions of light years away, in this case we are still looking along the surface of the balloon, but just at something a long way away...if you get what I mean.
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