Originally Posted by
cyccommute
Not even as simple as that. Some 6 and 7 speed bikes were made with 128.5mm OLD so that you could use 126mm or 135mm hubs. Some 7,8,9,10 speed frames are still made with 132.5mm OLD so that a 130mm road hub or a 135mm mountain bike hub can be used. Many touring bikes are set up this way.
Not even as simple as that. The actual, as-built-with-tolerances dimension of a production "132.5mm" frame might be off by several millimeters in either direction.