For me, I think the mental changes are bigger, for one reason: my dysphoria is gone. I am somewhat more emotional, but I don't know if that's the estrogen, or I've just given myself permission to stop hiding my feelings. My libido is gone, too, but I'm okay with that.
I used to spend hours on the weekends indulging in dressing, luxuriating in makeup, clothes, high heels, and everything else. Now, when I get home from work I just throw on a cute little t-shirt dress and some earrings and I'm - comfortable. In retrospect, there was a desperateness, a craving I don't have now. I am much more at ease with who I am.
Physically, the effects have been noticeable, but not as profound. I've been on estradiol, spironolactone and finasteride for about six months. My skin is softer, and my skin pores are smaller (and less oily - I have to moisturize regularly). My body hair is getting lighter and thinner, and vellus hair is starting to fill in my male pattern hairline. I don't have to shave under my arms or my abdomen as much. My body odor has changed. I've lost some muscle strength. I've put on weight, and I have some serious man boobs, lol. My nipples have gotten bigger and they hurt alllll the time.
Lastly, I've come far enough in my transition that I can't imagine going back to being male. I would be devastated if that came to pass, for whatever reason. That was not true when I started.
~Terri