As quite a few people here are asking about what happens on low dose HRT, I thought I'd put a post up regarding what's happened to me.
Around 6 weeks - E only x mg/day - taken sublingually and I've been keeping exactly to the prescribed dosage.
Baseline E was 83pg/mL 6 week 325pg/mL (normal male 15-60, female ovulatory peak 130-370!!)
Baseline free T 15ng/dl 6 week 18 ng/mL (normal male 9-30)
I would suspect that my E reading was off as I had only taken my last dose about 4 hours before the blood test - the average plasma levels should be much lower than that - the reading is likely to be a peak level. Otherwise I'd be overly sensitive, and in a bit of trouble as far as sorting out my dosages are concerned.
Physical Changes
Definite softening of the skin (my endo did comment on it at the last appointment)
Facial hair growth has slowed down (I have about a dozen thicker hairs which have cropped up in the last year that I shave because I haven't had time to go and get them zapped).
My nipples are more reactive to temperature, and some very slight puffiness around one areole.
Lost 2lbs, and if I stare at myself with really really rose tinted glasses, there may even be a waist starting to happen!

Mental Changes
Reduced libido
Slightly more connected to my emotions - but it's not like when I was a little kid and crying at the drop of a hat - I can sort of feel it wanting to happen, but not quite connecting if you get my drift.
I'll leave the other more personal stuff out, if someone wants to know, feel free to PM me.
My endo and I have decided to add spiro to the mix and seeing what happens next (1 daily dose only). My endo is being very flexible with me in saying that if I'm getting too good a result (ie changes happening too fast), to contact him to adjust dosages.
I'll have to put up a blog at some stage so that anyone interested can follow more easily.