While away on at the weekend I was testing a lighter weight (read - cheaper) bag and was a bit chillier than usual leaving me thinking I had proven something. However, when I got up the next morning I realised I had the sleeping bag inside out (doh - don't ask).
Question is - would having the bag inside out for any reason, make it colder? I imagine it might but have no idea why.
The outer shell could be more designed to trap warm air within, more than the inner, but i wouldn't have thought it would make any real difference (just grasping at straws really).
Perhaps it could be that the inner would have a softer more tactile feeling which would give a greater perception of warmth.
Suspect it's the relative sizes of the inner and outer of the bag. The circumference of the outer is greater than the inner to allow for the filling to expand. If inside out, then the filling will be more compressed between the layers and would make a significant difference.