Today I found a study published by the Talk to Your Baby group that researched the effects of the direction a 
baby/toddler faces in her stroller (toward or away from the pusher). The conclusion drawn from this study was that, “life is emotionally impoverished for too many babies in buggies facing away from their pusher.”
Reviewing the study it seemed like a pretty generous conclusion. The study had 2 parts. In the first, babies/toddlers in strollers were observed in public situations. However, the observers did not follow the strollers, thus they only viewed each baby for 10 – 20 seconds. In the second part, babies/toddlers were placed in strollers facing the pusher for 15 minutes and then in strollers facing away from the pusher for 15 minutes. Determinations of the babies/toddlers’ happiness was based on the babies’/toddlers’ heartbeats, babies’/toddlers’ vocalizations, and pushers’ vocalizations.
The basic premise of their theory makes sense. If one does not speak to his baby, the baby will be unhappy. However, it seems that the way a baby acts for a 15 second session, or even a 30 minute session, has no correlation to his happiness.
My conclusion: Talk to your baby. However, if you prefer a stroller that doesn’t face you, your baby should be fine.
Note, I have not conducted a study on this matter. Feel free to read the TTYB study, and share your feedback.