<opinion>
In my opinion, it's definitely gay, whether the viewers want to admit it or not.
Think about it, the only visual difference between a tranny and a real female is the dick... If the viewer wanted to jerk off to a real female, he would be looking at a real female. If he's jerking off to the tranny, it's has to be for the dick. Which, to me, is absolutely gay.
I don't see them as "Chicks with Dicks" but as "Men with Tits".
</opinion>