3:2 and 4:3 equivalent how?

glokenpop wrote:

We often talk about focal length in terms of 35mm equivalence ie on a micro four thirds the 25mm lens has the equivalent field of view as a 50mm on a full frame.
Now as 35mm is 3:2 ...

and micro four thirds is mostly 4:3 my question is equivalent in which direction? ie if I took the same photo from the same spot with a 50mm full frame and then a 25mm micro four thirds in which direction will they show the same amount of the scene or is it taken on the diagonal?