15 month postie coming in here. While I do not have a boyfriend just now to actually have Penis/Vagina intercourse with, the equipment and the nerve sensations are there and will be active. It is VERY DIFFERENT from what we knew with our male parts, so do not try to use your male experience as a comparison. More of your body and not just your vagina and vulvar areas come alive, but that is hormones for you. A friend of mine put it this way on the erection thing -- "Yes you will get erections, but they will be your boyfriend's".
The good surgeons try to preserve as much nerve sensation as they can, but accidents can happen, and you will be told about that. All of my Postie friends though have wonderful touch and arousal experiences. It may take a year or more for all of the sensitivity to come together, and for about the first 6 months you will not be in real great shape for PV sex although a few of the surgeons allow it in as little as 6 weeks. (Mine did).