A lot of bikes that were sold in this country with 27" wheels were not designed for 27" wheels, but for 700c. Some American and British made bikes may have been designed for 27" wheels, but French and Italian made bikes were not. I wonder about Japanese bikes. I was looking at my old Bridgestone 400, and thinking about converting to 650B. It originally had 27" wheels; I put on 700cs and it barely has clearance for 700x32 tires with a fender. but looking at the chainstays, I noticed that the indentations are perfect for a 650A or 650B tire. I'm wondering if a lot of Japanese bikes weren't originally designed for smaller wheels.
I'm intrigued by Leonard Zinn's idea that bicycles and wheels should be proportional to the bike and the rider. Rivendell does that for smaller bikes, that is it puts 650Bs or 26" wheels on smaller frames.