Never experienced the female condom. However, in pondering the physics of this situation, I can't help but think that wrapping the condom around a cock is more practical and pleasurable than trying to line the vagina with a latex bag. But like I said, I haven't tried them.
@1 Just be sure to take out the plastic ring before insertion for anal sex. And yeah, they're more comfortable if you prefer not to have your dick shrink wrapped. Just be sure to check that it hasn't slipped all the way in (and for that matter, get used to having your partner's ass or vagina look like it's concealing a large flower.)
Think about it, @2: when the cock is tightly wrapped, there's no friction against it. It's all transmitted through the latex. With the loose female condom, the bare penis is rubbing freely. It's OK, really it is.