1. The neo vagina has possible permanent symmetrical scarring on either side of the labia lips, where the testicles might have been removed if the person didn't already have a orchi and it might be hidden with pubic hair,
different surgeons, different patient reactions, different level of after care, time and many other factors determine this.
2. Neo vaginas will have hair inside the introitus, or possibly inside of the vagina which happens because the back of the scrotum gets folded back that is only if the person receiving surgery did not have electrolysis to remove the hair.
Some surgeons require electrolyse before surgery and other surgeons will scrap out the hair follicles at the time of surgery. The idea is for hair regrown to not occur and these days the majority of the time there is zero hair that will grow where it shouldn't with improved techniques.
3.Neo vaginas are positioned further away from the anus than a natural vagina, the surgery can change some of the distance but not that much.
again depends on the surgeon used, there are two main common methods being used these days.. the pineal inversion (more common with US and UK surgeons) which has the opening sitting a little higher than what is natural and the flap method (more common with thailand surgeons) which is in a more natural position.
4. The fluid that comes from a neo vagina after a orgasm is male ejaculate that is secreted from the prostate and seminal vesicle.
During the pre-op stages of HRT the body changes from exposure to estrogen, the prostate shrinks and takes on the form that is closer to the Skene's glands which is essentially the female prostate. The changes will lower risk of prostate cancer (due mostly to the shrinkage) and make it function and produce fluid that is virtually identical to that of a natal female. It will have the same smell, taste and consistency. During surgery the skene's gland is repositioned to be in the same place as any other female.
The same action occurs in the cowpers gland which becomes the Bartholin's gland from hormone exposure. Though instead of having unique holes it's connected to come out of the urethra.. which is right next to it anyway.