If after just a month you have hip fat deposits, I say it's going fast.
Also, the face is usually the first thing you can see a change in. I think the reason you don't see it is that you see yourself every day. Heck, just a week or two ago, I though my face had only changed a little bit from HRT, and I happened to take a look at the few pictures I have from before HRT. And then, shock. I'm really different. My friend who has only known me for a few weeks even says it doesn't look like me at all.
Things are going fine, promise. Besides, if you can go around as a girl after virtually no HRT like that, I say things are going awesome.
As for breasts... mine are taking so long that if my blood test comes out with good blood values, I'll start believing that I'm deficient in estrogen receptors in the area somehow. But I bought a padded bra, and even though if I undress my chest only looks like a male chest with a just slightly strange shape (and only if you look at it long and well), it helps me greatly with projecting a credible female image, although one with unusually small breasts. Maybe you could consider doing the same.