It's really depressing to see how the inevitable is starting to finally kick in. Not only is it his body that's changing, but the way he thinks as well. Before most of his fantasies were pure and simple desires to be a frilly, cute girl. But now he's becoming more sexually aware and it's mixing with his desire to be a girl, which is why I think he had that fantasy of making love with Anna in women's underwear.
Only four chapters left, I wonder if this is going to wrap up with Shuu's autobiography. This has never really had any notably climatic moments so it's hard to gauge how it's going to wrap up.