I have seen quite a few ladyboys over the last ten years, in Oz and in Thailand.
The ones I choose are the ones who would pass as women if they walked down the street. So I never go for one that looks like a man in makeup, but a girl with a bit extra. They know the way to handle male equipment and male urges/interests. Most of the superb blowjobs I have had were from ladyboys, Melody is right.
The penetration is certainly different, I tried but I prefer a pussy to an anus. So these days I go for the oral. 30 minutes of being stroked and sucked is enough for me to get off in ecstasy.