I always get a good laugh when I see some definitions about ladyboys and shemales.
The classic one came from Yahoo answers - "shemale has breasts well developed and a penis and a ladyboy is a boy with vagina". OMG, if that isn't the most ridiculous answer, I don't know what is!
So lets get things straight -
Taken from the Urban Dictionary - "It is usually a genetic male, who has taken female doses of estrogens (premarin, estrofem) to become biologically female in all aspects except that she still has a penis and testicles instead of a vagina, uterus, and ovaries.
They do not get breasts from breast implants, but from female doses of estrogen. They sometimes get implants to augment the breasts that they have gotten from taking estrogen. Their gender identity and expression is female. Most gay guys dont like them, but bi-curious "straight" males tend to like them."
The term ladyboy and quoted from the Collins dictionary says "a transvestite or transsexual, esp one from the Far East"
The term ladyboy was originally used to refer to Thai transsexuals but slowly got used when referring to transsexuals from the Far East.
So there you have it! I hope that settles it once and for all.