I've put some miles onto my WT5 over the last 6 months, but never got around to updating:
-I put on the SKS P35 Fender Set which is only speced for tires up to 28mm, but works fine with the wide 32mm tires on this bike...installation was a real ***** though because there's hardly even 1mm of clearance.
-Gearing was also way too high so I also increased the back cog to 23T (which is the largest standard IGH cog manufactured) and now the gearing is perfect (besides even if I wanted higher gearing it's always more mechanically efficient to still use the largest cog possible and then increase gearing with a larger front chainring). This also required a longer chain in order for the wheel to be in the right position to clear the fenders.
-The small size 49cm frame fits my average 5'7" male build perfectly so no issues there.
-I don't know how the heck people were getting toe overlap on this bike because even with the smallest frame the stock toe clips won't touch the front wheel even if you aim the wheel at them with the pedal all the way forward...there is a little toe overlap now that I added fenders, but when riding it only happens when I hurriedly start pedaling with my heel when making a 90 degree turn after stopping at a traffic light, so no biggie.
-Wheelbase is short which makes the handling lively and the steel frame rather stiff...too stiff in my opinion, but I guess that's the tradeoff for a frame that'll last forever, quick handling (which I like), and the convenience of compactness for storing it indoors or squeezing it into the backseat of a small car (vs a folder which is what I bought this bike to replace when I cracked the bottom bracket shell clear from the frame with pedaling force).
So all in all I'm very pleased with the WT5 and, even if I might have preferred a slightly longer wheelbase, I have no doubt that getting that extra 1-2" of wheelbase in addition to all the features I found in the WT5 would have cost me 2-3x as much and that the WT5 is probably the most bike I'll ever get for $450:
P.S. That front wheel reflector is simply a piece of SOLAS Marine tape (Reflexite FD1403) taped to the "deep V" part of the rim...this stuff is miraculous not just in extreme reflectivity but in durability/stickiness under bad weather conditions/abuse/dirt (it stays on AND it keeps reflecting!). Plus it weighs nothing so you can tape it to all the moving parts of your bike where it increases visibility way more than lights without any possibility of failure (I tape it to wheel hubs, crank arms, helmets, etc).