estrogen is a very individual issue that each user needs to learn how to address to suit his own needs ... one's conversion of T to E will vary based on age, bodyfat%, genetics, etc. - personally i hate any bloat and prefer to run an anti-a on any T cycle. I try to take as little ant-a as possible to minimize bloat. once bloat is controlled, i find there is no need for further protection. i also believe nolva would be counter-productive since it may act to raise SHBG levels, and I believe this would be counter-productive. if you believe as i do, that free T is important, you will want to keep your e levels in line, too since estrogen directly acts to increase levels of SHBG. also i believe the danger to lipid levels from moderate usage of anti-a's is somewhat exaggerated. the harm to lipid values, on the typical AAS cycle, is more directly caused by the anabolics (just about anything other than T). granted nolvadex can probably help with this lipid situation somewhat, but the issue is probably best addressed in other ways: diet and nutritional supplements.
comparing adex and femara, most people who have used both, report femara to be considerably stronger in effect and I agree with this. I have read this is because femara penetrates the adipose cells better thus inhibiting their aromatase activity better than adex. some report that femara is too strong which can have ill effects on sex drive - I believe this issue is just a matter of finding the right dosage level. Since adex and femara are similiary priced, and femara is stronger and thus can be effective in doses as low as .5mg eod, I find that it is slightly more cost effective to run femara.