aesthetics and practicality. most people just don't have the space for a vertical speaker under their tv.
i think they both screw up the imaging and run the risk of directionality myself.
i'm getting a funny image in my head, though, with the way you've got "aesthetics" spelled there, Pmcneil - i'm seeing a bunch of buddhist monks watching movies on a nice home theater system, but it has a horizontal center channel because they've renounced the luxury and materialism of a vertical center channel...
(i'm definitely not one to nitpick on spelling, it just happened to give me a chuckle there!)