Vertical down is done with electrodes having a cellulosic cover, which permits the use of high currents for welding at high travel speed.
In general vertical down is used on thinner sheets, because it is considered less prone to burn through, as it provides for reduced penetration, and it is faster than vertical up.
Skilled welders familiar with Vertical-welding-tips are said to prefer positioning thin sheets for vertical down welding even if the flat position is available, to increase welding speed and avoid burn through.
Vertical up is used for thicker plates, the border being somewhere between 3 and 6 mm (1/8 to 1/4").