It pretty much depends on the cat.
You take a kitten and keep it inside it's whole life .. and most times (not all) it wont want to go outside. They don't like the way grass/dirt feel. Their pads are accustomed to carpet. Coupled with all the noises and smells .. it freaks most of them out. Sensory overload. They can get used to it though, just takes time.
You take a kitten and keep it outside it's whole life .. and most times (not all) it won't want to be inside. The carpet feels odd .. doesn't have any smell, The other flooring (hardwood, linoleum, ect) feel alien to them and usually scares them (nothing to grip). The noises from the tv scare them. And the way the inside of a house smells confuses them (all the amonia based products and such). Sensory overload again. They can, however, usually get used to it.
In both cases neither may ever be truly happy in their changed environment though. But they can learn to cope and survive.
Cats that are allowed to come and go as they please (both indoors and out) seem to be the happiest cats to me. They can go out and lay in the sun, chase a bird, catch a mouse, roll in the dirt .. then come back in where it is quiet and relax.