I think it looks too small, the position you are in on the drops (hands on the bottom part of the bars) would be a short/upright position if your hands were on the drops! You might be able to get away with a longer stem, pointed up - which would be a very inexpensive modification - like $30-$50 bucks. Have the bike shop install.

But, if I were you, I would go back and try to get them to take it back. The wrong size frame is a PITA and ultimately you will want a different one.

DayGloDago - is that a Wylder in that picture???? I have a Wylder. It's not custom, it was a small company that made specialty production titanium frames for women, and went out of business really quick. Mine is a 48cm and I am 5'2". That poor bike!