I made some hotpads with just a layer of Insulbrite - for me they aren't thick enough to use on things from the oven but they're PERFECT for microwaved things. They're very thin and flexible so they're easy to use to grab a bowl out of there. I've also made more with one and two layers of cotton batting in addition to the Insulbrite - those are both thick enough for oven-hot things but I have very heat-sensitive hands so I tend to grab the thickest ones just out of habit.
On the ones that JUST have Insulbrite....I can't tell which direction the stuff is in there and it doesn't seem to make any difference at all. I wish I had one of those thermal cameras, it'd be interesting to see if there really is a difference. With my heat-sensitive hands it seems I'd be able to detect it if there was a significant difference in the amount of heat coming through, but I can't. So I don't worry about it....if there IS a difference it must be very very small.
Insulbrite is somewhat stiff and a little 'crinkly' at first, but after a couple washings that goes away.