We should expect fat redistribution (hips and butt, but also lower belly), breast development, softer less porous skin, reduction in the size of the subaceous cells (which also means softer less porous skin), finer and perhaps reduced body hair, loss of muscle mass, loss of bone density, reduced risk of prostate cancer but increased risk of osteoperosis, usually a halt to the progression of male-pattern baldness but not hair regrowth, and probably some other things. Long-term hormone use may shrink the testicles but probably won't affect the penis much (I think) other than loss of the ability to get an erection. I've also heard of and experienced weaker fingernails. There are a number of health risks, too, including increased risk of blood clots and liver damage among other things.
We should NOT expect much change in facial hair, smaller shoulders (except for some rounding), narrower chest, change in voice (from the hormones, that is), or increase in pelvic width if over some age (20? 25?).
- Kate