Here's my take -

For a guy, the best sensation should theoretically be of the skin of the penis sliding against something. Normal condoms prevent that - the skin is wrapped around a largely immovable layer and it's the layer that slides against the woman. So the feeling is greatly reduced and unless the condom is filled with a good amount of lube (which means it's easy to slide off accidentally), there's no sensation of wetness. Plus a condom that's too restricting can decrease sensation even more.

A female condom seems to be the better option for sensation.

The skin of the penis isn't covered in anything - it's just sliding back and forth against the wall of the female condom, which also should at least somewhat follow the contours of the vagina. And if the female condom has a lot of lube in it, the sensation of wetness should still be there. So almost like the feeling of a Fleshlight.

I've read reports elsewhere of people saying female condoms feel like screwing a plastic bag - I'm wondering if those guys just failed to put enough lube into the condom?

I've never tried so I'm curious what other people's experiences are - note that a new type of female condom came out like 5 years ago, one that's less crinkly.