Mythbusters covered this recently. However, their testing rig shot directly up into the air.
The bullets reach a point where they tumble and keep tumbling on their way down. Their estimated speed is based on this state.
However, if you were to fire them at an angle, I suspect they could maintain their nose-forward stabalized orientation throughout the flight, increasing the ballistic efficiency, reducing the effects of drag, and having a higher terminal velocity.
The same would apply to bullets shot downward. I suspect they would hit the ground at significantly higher speed, even from considerable height, than a bullet fired straight up.
The exact quote is “What kind of world is it where a man who can build a zeppelin-mounted death ray can’t even operate a simple camcorder?”. No decade specified, but I suppose it might be 1920s-style.