Height is also important if you've got a multi-floor house. In upper stories, make the fans face outward and on the ground floor make the fans face inward and you'll set up a continuous air path throughout the whole house favoring cooler air.

Personally for a single fan in a smaller room where you're near the window, I'd say just point it in. That way you get fresh air right where you are sitting, you get the breeze, etc. In the other direction you won't get the cooling effect on your body from the breeze.