Is a she male a woman with a penis? A man with breasts? A hermaphrodite of some sort?

A shemale is a true male with a cock who, in all other respects, looks like a woman via hormone therapy and maquillage. But penis demonstratively left and shows for money.

A hermaphrodite is a person who was born with male and female primary sexual characteristics.

Men who have an interest in transwomen 52% identified as straight, 40% called themselves bisexual and 6% ID’d as gay.

All the types of men who are attracted to transwomen, the "Horny Straight Male" is the easiest to understand. He is "an opportunist who is willing to overlook the imperfections of the disguise for the sake of a good blow job, which he has heard through the sexual grapevine, correctly as everyone knows" – or, ahem, as gay men like himself unsurprisingly believe — "is more expertly administered by men than by women."

The development of shemale personality has the next steps:
Woman traits have in every young man. If such traits manifest in a boy that community get condemnation. A kid has to suppress those female qualities, which become his soul. Becoming an adult person it’s harder for him to stay at the male personality, because it doesn’t correspond to his nature. This is the period when the desire of dressing in woman clothes or being a female becomes very significant. An individual strives to perfection of his ego that demands him to manifest his female part. His own overly idealized view of manhood avert him wearing the clothing of contrary sex.
Shemales may usually disguise themselves, plunging into the culture of cross-dressing even use female hormones. Another method for such individual is inner denial.

This is a genuine condition of transvestite to dress in the clothes of opposite gender, if it is definitely the response of mind of an individual. After that you can find the next stages of improvement:
Lots of transvestites understand the positive merit of dressing themselves in woman clothes. At this point, wearing clothes of another gender is accepted as element of ego.Transvestites do not sense their inner woman at once, but it happens steadily.
The soul cannot be labeled as “man” or “female” in this situation. Some people may even divide their man and female images according to cross-dressing experience. Ultimately, he allows a woman element to enter his usual male identity. This confluence creates a new personality that can be greater than a male or woman independently. The center identity continues to develop presumably in the way of greater spirituality and receptiveness.
By: motive Anthony Stevens