Actually, from what I have been reading in literature lately (your query got me digging in) is that elevated estrogen is good for cognition, but obviously most people would rather not have "bitch tits" even if it made them a little smarter. Grossly elevated test will make people feel more confident however actual measurable cognition will be mildly impaired. Therefore most people will feel smarter on supraphysiologic doses of test, but that perception is not true. Basically, there is not free lunch out there. If you are trying to be a top level academician, the doses that get you jacked and make you feel supremely confident may impair your performance slightly. To most people, however, a few IQ points in exchange for looking and feeling like a superhero is probably worth it.

Yeah, that is a confounding factor. I do know a friend who did research on how estrogen antagonists effected memory, and she said that people who take anti-estrogen compounds have decreases in their memory. I have no idea about the particulars of that study though so it might not be relevant.