I think I can help with this one. I am a female to male transsexual. (Don't ask if I'd had this surgery cuz I'm not going to tell you)
First, there's more than "the" surgery. People seem to forget that female to male transsexuals also have to have their breasts removed. This can be done in one of two ways.
First, if the FTM(female to male) is naturally small, say an A cup or smaller, they can do something called a "keyhole" surgery, where they go in behind the areola of the breasts, make a small incision, cut up the mammary tissue and the fat, and basically liposuction it out, creating a flat chest. This is a good option becuase it leaves very little scarring. The downside is that you don't get the full male contour of the chest. The nipples can be grafted and resized and then placed back on, higher than before, but this isn't always the norm with the keyhole surgery.
There's also the bilateral mascetomy. This is where the FTM's who are larger (like a B cup and up) have their breasts actually removed. They do 2 large incisions under each breast, go in and remove the tissue and then take the top flap and pull it down and sew it to the incision. Again, the nipples are removed and resized and then reattached. This method leaves 2 large "U" shaped scars under the breasts where the incisions were made. It gives great results and great contour, but like I said, it leaves large scars.
As for the lower surgery, there's also 2 types.
First is called a metoidioplasty. Naturally, when an FTM begins taking testosterone hormones, it causes a lengthening of the clitoris. (naturally it can get to as long as about 2 inches). However, as many people know, there is a "hood" to the clitoris that keeps it from exposing it's true length. (The female clitoris is analagous to the male penis, they only differentiate in the womb with the addition of the Y chromosome that carries androgen receptors, so yeah..we all started out as female in your mommy's tummy) So..what a metoidioplasty does, is it removes the ligament that holds that "hood" back exposing more of the lengthened clitoris, and grafting it to resemble a male penis. The outer labia are sewn together and silicone testicles are placed in, giving the appearance of a scrotal sac. The urethra is lengthened and rerouted so that standing to urinate is possible. Also, before the vagina is sewn shut, a hysterectomy is performed to remove all internal female organs. The pros and cons of this surgery are, pro--you retain all your natural growth and girth, and you maintain natural erections and maintain natural nerve endings so you keep your natural feeling in that area. cons--it doesn't work for penetration, becuase you will only get about a 3 inch growth.
The second type of surgery, (and the one I think you're referring to) is called a phalloplasty. This is where an artificial penis is actually constructed and attached. The penis is usually made from either an abdominal flap where a silicone balloon is placed under the skin and filled to allow the skin to stretch so that it can be used to create a penis. Also, a flap from the inside of the forearm is also used. This seems to be the more common method. After the penis is constructed it is attached over the clitoris and the urethra is routed through the penis to allow for standing while peeing. Again, the hysterectomy is done and the outer lips used to make a scrotal sac. Pros and cons. Pro--allows greater length, more natural "flesh" looking, and shows more congruency with the male anatomy. Also allows for penetration. Cons--the penetration can only be achieved through a pump that is implanted in the scrotal sac that inflates rods placed in the shaft of the penis. Also, sensation is sometimes lost. Also, it leaves scarring on other parts of the body, as it is a very invasive surgery, taking the skin and tissue off the forearm almost down to the bone.