Considering testosterone has an affect on male identify, masculinity, and boosts dopamine release, I think there is ample evidence to suggest a reduction of DHT can trigger depression... Not to mention compounded with an inability to be aroused or satisfy yourself sexually. Ergo, what is the point of attracting women if you have no libido to be attracted back? Women can sense a lack of energy, a lack of sexual interest. I've been getting more looks by an improved mood and personality than hair ever could.
A smaller penis can be the result of a reduced quality of erection, due to reduced interest in sex... Though this is usually not permanent unless you continue to use the drug with side effects for a prolonged time, causing penile atrophy, or possibly even fibrosis. My erections were reduced in girth more than length.
On a side note, it has been nearly 4 weeks since stopping propecia 1mg daily and my libido is finally starting to stabilize. My mood has begun to improve, and my penis is starting to function normally again, including increased size. Though I'm still not 100%, I am hopeful that I didn't ruin my entire life because of this drug. My favourite part is being able to masturbate again... On the worse days of propecia I would have to stop myself from masturbating, as I would only be able to get a full erection once every 3 days. Masturbating would guarantee I would not be able to have sex with my girlfriend. Now I can masturbate (and the orgasms have greatly improved), and still have sex in a couple of hours.
I am considering a hair transplant instead, though the costs are astronomical for such a superficial surgery. AT LEAST the results are permanent, and not the result of a consistent and frequent topical application or drug. I am debating between spending money on something useful, such as laser eye surgery, and something relatively minor like my appearance. I'm having a hard time deciding whether having thin hair on my head is really all that much better than having no hair at all. I want a full, thick head of hair like I used to. That or bust. Though I have heard that turkey has excellent hair transplant procedures for relatively little money... and I could use a vacation.