Words only have power over you if you allow them to.
Case in point, I once heard a racial slur levelled at me but at the time I did not know it was a racial slur. I just shrugged at it and laughed. Later someone told me it was a slur and I thought... oh. Well, so what. I felt nothing before, am I going to let it bother me now, because it turned out some completely unimportant person called me a name?
The t word means nothing to me. If someone wants to use it against me, they're going to find it has no effect.
As for our kind reclaiming the word, fine by me. Context is important where words are used, I suppose. I have no problem being called gay or queer or even ->-bleeped-<-got by gay friends, because of context. I don't even mind it from non-gay friends. If it's used by fellow transpeople, I don't really care. They have a right to use it how they want, I think... since they've suffered by it, so long as they're not like a crazy person out to upset other transpeople with it. (Which I have seen happen).
For me personally it's just a word, and the key to empowerment is to be the master of how these things affect you, not to be told you are a thing and that you must be oppressed when you hear it. But I appreciate others may not feel the same, so I certainly do not throw the word around carelessly around others.