In answer to your other question, generally a horizontal one will feel longer (assuming you could hack the drop/arching of the back with a negative stem). Nitto are an exception as they measure stem length (properly;) perpendicular from steerer centreline to clamp centre, so a 120mm Nitto stem measured along the shaft, like most manufacturers, will be closer to 130mm...
I have a 35deg 'riser' stem inverted on one bike. I did some maths and worked out the reach was equivalent to about 90mm 'flat' 17deg stem.
In answer to your other question, generally a horizontal one will feel longer (assuming you could hack the drop/arching of the back with a negative stem). Nitto are an exception as they measure stem length (properly;) perpendicular from steerer centreline to clamp centre, so a 120mm Nitto stem measured along the shaft, like most manufacturers, will be closer to 130mm...
I have a 35deg 'riser' stem inverted on one bike. I did some maths and worked out the reach was equivalent to about 90mm 'flat' 17deg stem.
EDIT:
Above description of Nitto stem measurement only applies to some stems. See factory doc:
http://www16.ocn.ne.jp/~nitto210/stem-measurement.pdf