Georgena Terry's design wasn't the first, but is the most widely known, and used by a lot of brands. The smaller front wheel allows for a much lower standover height; retaining the 700c rear keeps the gearing the same as any other 700c bike. i.e. a road bike for smaller people that doesn't sacrifice capabilities.
Some folks think also of the TT bikes that have the same wheel setup, and other think of them as "funny bikes." I've met short riders who had them, and they liked them, even compared to newer 650c bikes that are out there. There's a mother-daughter triathlon family near here that has 4, 2 for training and 2 set up for racing.
The bike has a lot of good stuff about it, and great potential for a full-blown tourer, even if you have to carry two tubes and two tires.