Mark is right--there is a going to be some difference in advice depending on the coral. But as a general rule, corals (and clams) will tend to orient themselves toward the light no matter how you place them--it just may take them extra energy to do so. With small acro frags, I actually like to glue them flat to a surface and let them encrust and then send up branches as they see fit. This way they use less energy adjusting and more energy growing (totally my own opinion/observation, so take it with a grain of salt).
I was actually really surprised the other day when I turned a clam around 180 degrees in my tank. It was in the exact same position, just facing the other way, and it looked like it had suddenly started bleaching out. But the closer I watched the more I could tell that the zooxanthellae in its mantle had simply adapted to the angle of the light they were recieving, and when I reversed the clam, they had to readjust to capture the light more directly. This blew me away but over the period of 4 or 5 days the clam was back to its solid blue. I knew my super x-ray vision would come in handy some day.