Maybe I could chime in too. Full disclosure: I'm not fan of newhalf/futanari/one of those things mentioned by
@Inertia . The crucial distinction is between a woman who's a little freaky (with a penis) or a man who's pretending to be woman (even including after surgery).
What I want from an AV is one or more hot girls engaging in sex, that's the very basic requirement. Then I'd like some extra spice, if possible. A penis on an unexpected person well that's extra spice for sure. But a lot of these futa/newhalf vids, I can't get into it, because I'm seeing gay porn with one of the guys with some feminine features. Gay porn is OK, I can watch it I could even appreciate it, but I can't fap to it. So if there's gay and hetero sex together, I can fap to the female (if she's decent hot) and enjoy all the other things as extra spice/freak. So here are the few types of newhalf vids I could enjoy:
1. Fake futa: a hot female (IRL) idol put on a rubber dick for a special FX vid, I have a whole thread devoted to it, sadly it's a faded trend.
2. Transsexual who has no trace of masculinity other than a penis. I can't tolerate any hint of a strong chin, adam's apple, body hair, less fine skin, high shoulders, hard buttocks, even a well defined ankle is likely to tip me over to think this is a drag queen rather than a woman with a penis.
3. If there's one or more hot idols in the vid, and she got decent amount of screen time, than any kind of newhalf/futa would be cool. Here the newhalf take the role of stud in a regular AV, not quite background, but certainly not the focal point of the vid. Or rather... the newhalf is comparable to the "old man", "shota", "homeless", "midget" or even "negro", "cherry boy" or "fan", the thrill is watch the hot idol being fucked by someone undeserving, or at least kind of
off.
Needless to say, all three types are very rare (non-existent) considering futa itself is already pretty fringe, and most fans who buys futa are looking for something along the line of
@needs more loli i.e. not my cup.
PS: on type 2: from my understanding of biology, if a young person had functional male parts during puberty, ze would develop male traits (e.g. body hair, thick bones and muscles) that would ruin it for me. Even if ze later had surgery and went all the way, ze will always had a hint of maleness to her beauty. Therefore, wouldn't work for me, other than in type 3. So far, I can not say I've seen a person that can truly qualify for type 2, e.g.
@pikuseru suggestion, ze's decent looking, to the extent that I took quite a few moments to figure out the ambiguity, but the clincher is the chin and the buttock, the chin is too male, and the buttocks isn't female enough. Final ruling this is a gay boy.
For cute newhalf, see Rise Kaneshiro. She is actually Korean.
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So I guess I'm kind of opposite to
@pikuseru . Big tits are a major plus, perhaps not a requirement, say C-cups are enough. But also I look for other signs such as fine skin, fine body hair (barely visible only in FHD) and round supple ass. The penis, well erection seems a reasonable requirement, but if we are talking about type 2: I'm thinking ze's a woman first and then with a penis as second factor. So I'm quite OK with a small, barely functional penis.