I have one friend who is non-op (she does not plan to have bottom surgery) transsexual, who fully identifies as female, but has not experienced the level of gender dysphoria many of us who transition do. She lovingly refers to herself as "she-male", which I find a little weird but to each his/her own right? Overall though, I would say the term (when used to refer to M2F transsexuals) is considered offensive, because we were never "male" to begin with. In the porn industry, there are men who physically/medically modify their bodies to appear as women (but are still very much men) and I believe this is where the term comes from. I can tell you it is VERY unlikely you will find an actual transsexual woman who is willing OR able to perform as a male yet look female. That's pornographic fantasy. Sorry. :( I do have to wonder how they feel about the term on the F2M side, where honestly I have never heard it used.. In that case, it would at least make some kind of sense (a male who is still referred to as "she").