Hopefully not bumping a totally dead topic but from my research the surgery has improved vastly but there are still pretty substantial risks that make me leery of this sort of procedure. Power to anyone who does go for it or wants a similar procedure!

There's certainly a lot of happy guys who have had phalloplasties of some kind of another in the last decade and been VERY pleased with results!
My cons as I see it:
not always the greatest stream. Many guys complained they aren't peeing in a stream so much as functioning like a sprinkler and spraying wildly in all directions depending on the individual.
decreased sexual function. I know some people are more disphoric by having genitals that do not fit them, but for me enjoying myself and feeling good is priority. I am totally ok with losing most or all chest sensation to look masculine up top, I would possibly become suicidal if I gambled and lost sensation or function in my genitals.
loss of urinary control. While normally I urge anyone to reach for the stars, do what they love and don't let anyone tell them no or it's impossible... the thought of having to need diapers as an adult is a big fear of mine. Whether permanent or temporary I have a very hard time dealing with the idea of this risk and I will admit I'm a terribly vain and prideful guy! If I get old and lose control i will have to deal with it, but I guess I can't bring myself to any further risk.
Shaving your shaft: I did not think of this until someone told me, her BF shaves his entire shaft. The skin was from his arm I believe and the hair and freckles are all stuff that came along with it! Still looks great but I'm not sure how i feel about this one either, ha ha!