Male-to-female, yes. The MtF's I know who have had bottom surgery do geniunely enjoy sex. I've never asked directly about orgasms, but I get the impression they get them.

As for FtMs, its less straight forward. MtF bottom surgery is pretty well done at this time, but FtM bottom surgery isn't so great. It's easier to take away than build up. From what I've heard, there's no guarantee that after phalloplasty (the creation of a penis) you will get pleasure. But very few FtMs will get the full bottom surgery. If they get any bottom surgery, it doesnt involve new parts. FtMs on T will have a much higher sex drive, and according to my ex-bf, it feels better than before hormones.

I hope that helps?