What would you do if your boyfriend/girlfriend came out as transgendered?
Never happened to me. However, I do have an ex-girlfriend who is now an avowed dyke. Dixie mullet, gas-station attendant shirts, the whole nine yards. She's okay, though. My friends used to tease me, since I was her "first"--this was back in high school--and they'd say, "man, I've heard of being bad in the sack, but you ought to win a prize for it." I guess it never really bothered me. She was always gay, and I sort of had a feeling about it even when I knew her.
If my serious significant other came out, all of the sudden, and said, seriously, that she was a woman trapped in a man's body--did I say that backward? Well, you know what I meant--then I'd probably be more worried about its effect on the child rather than any harm to my reputation. Still, the worst thing I could do would be to make it worse, so I'd probably start asking lots of questions and try to come to terms with it as fast as I could. Not for her/his sake, or mine.
Also, like Bacon King, I'd stay in the relationship, as long as it could be conveniently achieved. In the case of the middle-aged couple, the quality, frequency, or even the existence of the sexual act gets farther and farther down on the list of priorities, so it probably wouldn't be a deal breaker.