As usual, a lot of this boils downs to semantics. There are a lot of guys who would consider the young Nancy (to continue with the pictured example) to be a femboy, even though she is obviously a ladyboy. There are others, like craigbarot, who would only consider gay guys who prefer (for whatever reason} to dress as women, and act as LBs to be called "femboys". Angel has a friend whom I had thought to be a ladyboy, but actually is not, and doesn't consider himself to be. He's not an over-the-top, flamboyant type. He acts like a true woman, but considers himself a man. I had a talk with him about it, and I pointed out that he was hurting his chances of employment and romantic relationships by not just being a regular gay guy. He knows that, but likes to dress as a woman most of the time. I also knew a transsexual in the U.S. who told me that she was originally a male prostitute who made the choice to pass as a tranny strictly because it was more lucrative for her in San Francisco at that time (around 1983). Oddly enough, she eventually went on to become a full-blown (no pun intended) transsexual, implants and all. Today she is 50 years old, has been out of the p4p business for quite a while, and is active in organizations that help the transgendered.
Having said all that, I agree with DC that this is an extremely tedious topic, and I am strongly against anything that suggests segregation or censorship in this forum. Femboys, ladyboys, etc., - who cares? Don't look if you don't like.
Now, having said THAT - since I have almost 1,600 pictures of the young Nancy, any thread that contains a photo of her, even if I already have it, is okay with me. 
Just call me "obsessed".
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