The multline environment does exactly what I want in splitting a long formula between lines by utilizing the horizontal space to the fullest. (I don't want the alignment features of the align environment.)
The problem is, I want to vertically center the equation number, as opposed to making it appear on the second line (as it does by default).
How do I do this?

\raisetagcould help, but it doesn't have any effect if the tag was not shifted from it's natural position... – Jellby Jun 26 '12 at 08:06