One of the most surprising side effects of MtF HRT for me has been that I was able to gradually stop taking anti-anxiety medication (Trazodone + Venlafaxine). The calming effect of E seems like the closest thing to a cure for the anxiety/depression I'd faced since I was like 10. Of course addressing the dysphoria must have played a roll too.
I asked an FtM friend of mine if he saw any effects in the opposite direction, and he said that T had maybe increased anxiety but only in that it made it harder to concentrate on something for very long.
Has anyone else felt a long term change in anxiety or depression once you started taking E or T on HRT? Not just mood swings?