I have listed four top site list sites here. Tina's Top 100 is very well respected and has been around for quite some time. Alternative web and the new Ultimate Shemale list are both run by Shemale central -- which provides lots of free pics itself, and the toplists provide a good independent ranking. Mrs. Silk's list is, obviously, associated with Mrs. Silk's sissy site; it provides what is probably the most complete overall list of sissy sites that you'll find. Another good place to search for sissy sites is, not surprising, at sissy-search, which is run by the good folks over at the House of Sissify. T-Girls top 100 is run by the T-girls magazine premium site, but is probably the best of the premium-site-run top lists.
Persian Kitty's is the "Grandaddy/Top Dog/Top Cat/Queen" of all adult links sites. Look for transsexual sites in the Fetish category. The Green Guy has a great sense of humor and a great links list site. Tommy's has a regularly updated list of fetish links that often includes sites with shemale pics. Link fabulous has attitude and a nice selection of shemale site links. Sex Clearninghouse is a real up-and-coming site -- look for shemale links in the fetish category. Alcoholinks and Murray's each have a large category of shemale sites listed.
Persian Kitty's Adult Site Links
Shemale Central
provides extensive unbiased reviews of shemale sites, with new reviews
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