So, i'm ready to shoot the colour coats on my old Squier Strat and was wondering what the best method is.

Horizontal - suspended flat with a paint stick
Vertical - hanging upright from the ceiling.

Which method do you guys prefer? Pros and cons of each?

If it makes any difference i'm using automotive rattle cans.
Hanging upright from the ceiling. Defiantly
Ibanez UV777P
Ibanez RGD2127FX
Ibanez RG3120TW
Ibanez RGD7321
Ibanez RG6003FM
Ibanez SA160
Jackson Slatxmg3-7
Baron Custom Amps K88
Rivera Knucklehead TRE
Fryette Sig: X
Randall RM4 /w Modded modules
Mesa 4x12
Bogner 4x12
Peavey 4x12(K85s)
An easy way is to hang it by threading the hook of a coat hanger through one of the neck socket bolt holes and then hanging the coat hanger off 2 sturdy nails banged into the horizontal part of a door frame!!

I used this method when I painted my old squier body and it worked fine, just make sure to spray several THIN layers to prevent build up and make sure to spray from a distance to prevent any drips across the body. If you are spraying it a solid colour then many people would suggest several coats of a base, usually white, in order to achieve a brighter finish and smoother application.

You may also want to check out some clear lacquer to seal the paint work and provide a protective surface so your paint wont chip as easily plus it makes it nice and shiny!! Here is a link to some
attatch a stick and hold it to do the bottom and the horns, and then hang it to do the sides and the front and back
my gear:
Jackson Roads Pro
Gibson Explorer Pro
Fender American P-bass
Squire P-bass
Fender rumble 300 bass amp
Peavey 6505 head
Marshall special edition red cab
coat hanger, then hang that on the washing line in the garden. that's how i did mine.
Epiphone LP special model 2 (Heavily modded - killswitch and custom midi X-Y touch pad).
Digitech Whammy, Zvex Fuzz Factory, Boss Dynamic Wah, Electro harmonix Little Big Muff, Zoom G7.1ut, Digitech Grunge, Korg KP2.
Marshall AVT 50x
yeah a washing line is a good one to try although i never liked spraying outdoors as the wind tends to affect the spray.... then again I live in the UK and the weather is never good here LOL!!