Ok, well I would say to the women involved its probably more about the complete package, looking good and being talented and I suppose representing women.Obviously a larger number of men are going to care more so about which one is hotter looking. A question might be, do Trannys really represent women? and do women who do not subscribe to Trannys representing them have a say in that decision?
However, I don't believe I've ever watched one of those things outside of a passing curiosity. Its not really my thing, to the point I really care one way or the other about how beauty pageants are operated.
I would say leave this decision up to those women involved who take part, and the people who run the thing. If they want to include Trannys, its fine with me but I just don't think beauty pageants should be forcibly compelled to include Trannys.