Yeah, if the thermostat is stuck open, you won't be able to warm up....
If it is stuck closed, you will overheat...
To determine if it is the thermostat or the temp sensor, you can try getting out on the freeway, pushing a great deal of air through the radiator, and run your heater full blast. If the air is as hot as it usually would be, the sensor is probably bad. If the air is luke-warm, the thermostat is stuck open.
I just did a thermostat job on my wifes Audi, and before the work was done you couldn't get hardly any warm air out of the heater (thermostat was stuck open). But then again, it is like 15F here right now.....so the test was easy.