Let me throw in my two cents. I'm 5 months into HRT now.
Definitely, my sense of smell has changed. It's as if both the volume has been turned up and the tone control has been cranked. I never noticed before that men's odors and women's odors were so distinct from each other. My own body odor changed, too, and I LIKE it!
Emotionally, that volume knob has also been cranked. I haven't spilled over into tears yet, but I've felt somethin akin to raw emotion welling up within me with much more frequency and intensity and I like that, too. The emotion feels like joy and sadness mixed together and undifferentiated. I'm anticipating that if I become REALLY happy, I might end up crying.
Those who I'm out to have commented on my happiness, those who don't know yet are wondering what's up with me -- why is it that lately I seem happy all of the time? (They've also been noticing and talking about a few other things, too >

)
I'm a little more subject to the occasional mild depression, though, so it's not all sweetness and light. But I'll gladly take a little bad with all the good.
Karen