I've been on a low dose of E (2mg) with no anti-T for about 2 months. A big thing I noticed that I don't hear about is that when I started I felt smaller, which I loved bc height is my biggest source of dysphoria and that dysphoria basically disappeared overnight. I'm a little more emotional but honestly not that much, one thing I've found is that I'm more sensitive to criticism, although in retrospect I think I was sensitive to it before but it manifested more as defensiveness. I had a shift psychologically that was kinda a kick in the pants, but it's a little hard to say how much of that is caused by the pills vs making the decision. I think the hormones have less of a psychological effect than social relations, like I would rather not have E but have everyone respect my identity than the reverse. Having said that, it substantially reduced my dysphoria and I can't imagine wanting to stop.

Also, sexuality changes a lot. Basically, the genitals just process the signal that says, "Get turned on," but what determines when that signal is sent is all in the brain and influenced by hormones. The horniness graph on T looks like a bunch of random spikes up and down, whereas the graph on E is more like gradual up and down curves. Also, on E, sensitivity is distributed more throughout your body, and the environment, things like cleanliness and mood lighting, make a bigger difference.

So: Reduced dysphoria, changes how you get turned on, and a bit of an anti-depressant.