Well after a brief search I did find one peer-reviewed article stating that Subq TRT injections did produce results. However, they were not compared to IM injections. They just said Subq works, but not how well.
Subcutaneous administration of testosterone. A p... [Saudi Med J. 2006] - PubMed - NCBI
This guy did post blood work. This is by no means conclusive evidence but it is enough to make me suspcious.
http://forums.steroid.com/hormone-re...m-labwork.html
For the sake of fairness this one seems to err towards Subq...
WHICH TESTOSTERONE REPLACEMENT THERAPY? - CANTRILL - 2008 - Clinical Endocrinology - Wiley Online Library
And this one describes the biology of injections a little better.
Release and absorption rates of intramuscularly and subcutaneously injected pharmaceuticals (II)
Having read a few articles on it, it seems as though an oil based test solution injected IM would produce higher peak test levels but they would be absorbed much more quickly whereas subc oil based test seems to produce lower levels due to a slower release which seems to be conducive to TRT patients. If I am interpreting this data wrong please let me know.