For me, it has had the positive effects of lowering dysphoria, bringing out a general feeling of calm and "happiness" with life and allowing my social self to be more outgoing than it already is. It also has lowered reactions to things that used to cause me anxiety and depressive behaviors.
The negative, I am truly freakin' blond(er) now...like all the time and if I do not write it down it does not get remembered. It annoys the heck out of my friends who have always known me to be sort of spacy anyway. Worse, by far, by all external reference.
HRT effects each of us differently and I have seen the gamut through support group participation and community interactions. In most cases, it seems to take certain "edges" and soften them.