For me, I use the horizontal distance vs the true distance so I don't have to input another number in my ballistics program (shooter). The horizontal range is the number that is meaningful to your bullet flight anyway.
Using the horizontal distance isn't an accurate method for long range sloped shots. Especially long range shots involving substantial angle. The longer the range and the greater the slope, the greater the error.
See this Thread: http://www.longrangehunting.com/forums/f19/up-downhill-corrections-22768/
There a many more references and sources of information available on this subject matter.