HRT has definitely shifted me both mentally and physically more towards female.
It has granted me attributes which I would never have been able to have before (and they all seem like positives to me... even when I get bitchy or my emotions swings and I'm down).
In addition to all the things hormones physically do... it has also been a key reason for my becoming more comfortable exploring the "female world'.
I guess in some way being on hormones made it seem like I had "earned the right" to do anything feminine I wanted. So, I slowly taught myself the other areas that females express themselves (nails, hair, makeup, jewelry, clothing.. even socializing). Looking back, I could have done many feminine things years ago (but, I was still very much trying to be the best man I could).
The only problem is that when I considered identifying completely as female (as I was achieving in presentation) it always would leave me in a situation where I would hate my male attributes (chin, nose, body...all the tiny flaws I have that are results from developing as a man).
So, instead, I reverted back to considering myself male (even with the wonderful effects of hrt and my feminine presentation that I learnt along the way). This way, I found I could accept my male aspects as simply to be expected ... and all of my feminine aspects became even more wonderful to exist in a male.
The entire experience of hormones and transition (along with "coming out" during various points) has basically given me more than just looking pretty. It has let me come to a point where I can appreciate and explore both the male and female in myself with a complete freedom. Male clothes, female clothes, makeup or not... even my voice can be either male or female if I want depending on my mood.
So, for me... hormones were more than just the actual effects of hormones (which are great)... it also granted me a legitimacy in finding myself that I hadn't had before (partially from my own perception, but also through my evolving looks to a softer feminine appearance).