Using theory only...
Intramuscular:
Effectiveness:
-Slightly faster effects
-Hormones only go through the liver once
-Makes your hormone levels spike up and down a lot, possibly resulting in non-maximum results.
Practical side:
-Moderate price
-A huge hassle to take
-Hurts
-The easiest to forget
Oral:
Effectiveness:
-Hormone levels do not fluctuate as much
-Hormones go through the liver twice and put a lot of pressure on it, resulting in higher risks
Practical side:
-The cheapest
-The simplest to take
Transdermal:
Effectiveness:
-Hormones only go through the liver once
-Hormone level are very stable, possibly resulting in maximum results
Practical side:
-Irritates skin depending on the individual
-Can come off
-The most expensive
In my opinion, transdermal is by far the best, since it's very gradual and slow. But it is yet unknown whether the big fluctuations in levels with injectable hormones affect the overall results all that much. Some claim that whilst injections give faster results, it may also be the smallest overall effects. It's controversal.
If it's true, then transdermals really are better. If not, both are equivalent in terms of effectiveness, but injectable wins because it's cheaper.