Just a quick note - In a report done by Dawson and Kalinske - "Report of Hydraulics and Pneumatics of Plumbing Drainage Systems' they developed the formulae
Vt = 3.0 (q/d)^(2/5) and
Lt = 0.05(Vt)^2
Where Vt is terminal water velocity (fps), and Lt is the developed length to develop terminal velocity (ft). From these formulae it was determined for various standard pipe sizes terminal velocity is about 10-15 fps, and that this velocity is achieved within 10-15 feet of fall.
What this means is that the velocity of falling 'water' is about the same regardless if it is falling 2-3 stories, or 100 stories.