nova!!

a neophallus can get erect with an implant (this will either be a bendable rod or a device that inflates with saline at the press of a button, usually in the testicles)

both can feel sexual pleasure and experience orgasm

most neovaginas will be able to tolerate larger insertions with enough dilating/training

the nerves in neophalluses take a while to regrow but it is incredibly rare to experience no sexual nerve growth

both can look and feel "normal" if that's what you want, just take good care of your scars and look at your surgeons' results portfolio (and don't be afraid to be picky! its your genitals, you get to decide!)

in fact it's possible for many people to stealth and for their sexual partners to never know. even for phallo, some people with natal penises have erectile implants too, ED is common. neocaginas are often indistinguishable from natal vaginas

many surgeons are starting to offer preservation options for patients who want a more mixed look/don't want to lose what they have