A key incorrect assumption that most of the replys make is that "the vertical down line will be full of water". It will not be full of water, unless there is an orifice or valve creating some backpressure at the end of it, which changes the whole hydraulic calc anyway. Remember that for a vertical line, the increase in head due to gravity will be 1 psi every 2.3 feet. The only way that the pipe will remain full is if there is a frictional loss of 1 psi every 2.3 feet of pipe - which may happen at some very high velocity, but not what we are discussing here. The line will only be partially full, with air pockets. There will not be a net siphon effect. The frictional pressure loss might be based on a sort of 2 phase flow; but whatever it would be, it would be balanced by the gravity.
Since we are discussing the subject of full pipe flow, note also that, depending on the velocity in the system, the horizontal section of pipe may not be completely full of water. For instance, in a 3 inch line, the minimum velocity to ensure that the line is completely full (minimum seal flow) is 7.3 feet per second.
The siphon effect should never be counted on for calcs in an open system unless you're sure that there are components that create a pressure loss at or prior to the outlet. In a closed loop system (assuming all of the air is vented) there will be a siphon effect.