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Which one do you think is more intuitive? I have seen several examples of both.
This is a problem with the metaphors used and there's a clear conflict of mental concepts on the one on the right because of two things:
Previous and Next are usually connected to Left and Right.
Up and Down are not good metaphors for Previous and Next because Up means Above, which is connected to Next, but it could also mean Previous, due to the writing direction (left to right and top to bottom).
The Left layout is much more intuitive and it's not understandable why there are still manufacturers that ignore such basic mental concepts.