I smell totally different Down There since HRT. I don't know where it's coming from, but I notice it whenever I use the bathroom (hence exposing the area suddenly). It's not exactly pleasant, it's sorta... MUSKY. And it's not necessarily from the genitals, it's the area itself somehow... maybe from being so warm and covered-up all the time. Sweat? Body scent? I dunno.
And yes, I recognize the scent from my wife, though if she ever reads this she's gonna kill me...
Kate