I personally would be hesitant to fuck a t-lady as I do not like fake silicone breast implants and I want to have sex with a lady with natural breasts and a natural vagina, not a physical and biological surgically altered man with a penis or a fake vagina made out of their lower intestine.
This to me as a bi guy depends. I also don't like silicone breasts, whether on a regular or a trans woman, but depending on how lucky someone is in the genetic lottery and how well the body responds to oestrogen, many trans women actually grow natural breasts. Also there's several surgical techniques that don't use intestinal tissue, and with a skilled surgeon you can get results that are almost indistinguishable from natal genitals unless you shoved your face right up there with a magnifying glass.
I wouldn't have sex with a trans 'man' as they are physically and biologically a woman or female, do not have an actual penis or testicles that look like, smell like, or taste, or work like an actual biological man's cock and balls, and the cosmetic removal of their/her tits with the scars when it is not for cancer is a major turn off.
Again I would say for me it depends. Phalloplasty is far less advanced than vaginoplasty because recreating a penis is in many ways more complicated, and only a few surgeries I've seen approximate a natural look. On the other hand chest scars won't always be present. With smaller sizes the tissue can be removed through lifting the nipple without a need for a double incision (I'm an intersex male who developed small breasts at puberty and this is the procedure I had, you can't tell my chest from that of any other man). While some men who aren't trans do have those scars in cases of severe gyneacomastia.
Yes I prefer the function and look of a normal dick, but I also would fuck a man who's had to have a reconstruction due to losing his dick to cancer or some accident, if I thought he was hot in general. So I'd also fuck a trans man with a phallo. (there's one fashion model for instance, he's smoking and I'd do him in a heartbeat Xd).
I'd like to ask how would you feel about sleeping with a 'standard model' man or woman who has surgically constructed genitals? For instance there's a rare birth defect where people can be born literally without them, called penile or vaginal agenesis. Would you be put off by that if the woman was otherwise super-hot? Would you also call her vagina 'fake' ? I find that term quite insulting because a genital construction or re-construction is still made from real flesh and blood and in many cases will have erotic sensation.
Personally I'd have no problem being with a GENUINE transsexual person (forget all the gender bender trenders), because those actually give off the 'vibes' of the sex they've transitioned to; so long as they've had the full procedure done because I'm not attracted to mix 'n match bodies.
PS also just for general info, several years of HRT actually changes the body in some quite fundamental ways. It changes fat distribution, skin texture, body odour and muscle mass. It even influences the way certain parts of your DNA are expressed so it's incorrect to say a fully transitioned individual is still identical to their birth sex. It's more like a medically induced state of intersex.
Biological sex is made up of several factors, namely chromosomal, gonadal, hormonal, genital and phenotypical sex. Chromosomal sex can' t be altered, gonadal sex can' t be altered but can be annulled through removal, hormonal sex CAN be changed (to the point where a transsexual woman with an oestrogen-dominant body will eventually be prone to health conditions typical of her target sex rather than her birth sex, and vice versa for trans men), genital sex can be changed through SRS, phenotypical sex can be massively influenced and in those who transition at puberty be made indistinguishable. Sorry for maybe getting overly medical but it's a medical condition and I'm the son of a surgeon Xd