Hey, a few comments and I'm sure others will have opinions:
--Some men do very well on low dose Clomid. It can be argued that 12.5 mg 3X per week is more safe than HRT in many ways.
--The argument against HRT is the following:
a) It leads many to a partial shutdown of various hormones, such as thyroid, DHEA and maybe cortisol.
b) If you have to go off of HRT due to high PSA, high hematocrit, etc., you may never fully get your old baseline T levels back due to a, i.e. a certain amount of atrophy.
--Finally, I would point out that even if you have very low testosterone, 50+ pounds weight loss and correcting a zinc deficiency can make a dramatic difference - doubling or more - in T levels.
I cover all of this here:http://www.peaktestosterone.com/Hdr_Testosterone
By the way, I do see what you are saying and imo HRT provides a much better benefit profile and, if you are careful, you are unlikely to have to go off of HRT. But I am just giving you the alternative school of thought out there.