I don't believe it matters which direction.
I'm using is on my 12g Nanocube and the effectiveness is just barely acceptable. It can't pull down heat quickly but it can maintain it at a lower temperature if the ambient is too high. For example, during the summer heat wave my room was 102º and the chiller was able to keep my tank at 86º which isn't too bad. When the room temperature is mild, the chiller will do fine at keeping the tank from overheating from strong lighting and such.
As I stated, the chiller isn't quick at pulling down temperatures so if you tank gets hot, the chiller will stay on for a while. That becomes a problem for the stock fan because it's really loud so I swapped it out for a VanTech Stealth fan which is a lot quieter.
On the bright side right now since the weather chiller is a lot cooler, it does a great job at heating. No need for a probe type heater in the tank.
I honestly wouldn't use it on anything bigger than a 15g if you have MH's or a long of strong lighting without tons of ventilation.