I started HRT six months into my transition, and it only took a couple months for it to completely kill my libido. Which was perfectly fine with me, as that was a source of dysphoria. But I did make sure to check the "electricity" every month or so, because I knew I was going to have SRS and I wanted to make sure I could have a happy response down there.
I had SRS about two years into transition, with Meltzer. This was back around the turn the of the century, mind you. I had a lot of discomfort down there for several weeks, mostly a dull achey pain that would get more intense during dilation, and was otherwise just a very sore, raw feeling.
At 2 weeks postop, I started deliberately trying to orgasm. It took about a week of much experimentation to finally have one, and it was just a tiny baby little blip of pleasure at that, but it was definitely an O, all from my clit, though accompanied by dilation (I strongly recommend masturbating during dilation just to make it a pleasure instead of a chore). It didn't take more than 3 or 4 more days to have full orgasms, so that was nice.
I was having intercourse about 10 and a half weeks post-op. I never had a vaginal orgasm until I'd been with the same lover for a couple months, but it was still all very enjoyable and I got close several times, though frankly I had a good lover who'd go down on me before having sex, and from that I was (and still am) multi-orgasmic.
I'm nearly two decades post-op now. I recently got a really big glass dildo, 1.75 inches wide and completely smooth, and from that I've finally unlocked (just in the last few months) multi-orgasmic pleasure strictly from penetration. Never expected that.