I'm glad you asked the question it made me look at things from a new angle.
The default emotion could be relatively neutral, but the difference between happiness and sadness, in the "general life satisfaction" sense, is in the baseline.
Since happiness can be traced back to chemicals in your brain you can see it just like any drug. You build up resistance and even if from the outside it looks like you have everything you might still be not happy.
I remember asking myself these questions years ago when I read an article about some physically impaired people being just as happy as able bodied ones, and one guy who left the Beatles before they became huge also being perfectly happy and content. Probably more so than the rest of the Beatles :).