Originally Posted by
FrenchFit
It's not how you look on the bike it's how your perform; two words...Chris Froome.
That said, your center of gravity looks much, much better on the 54cm and you can always shorten the effective reach by flipping or changing the stem. On the smaller bike your butt is hanging out over the rear axle, not so good.
Both bikes felt good to me in terms of reach. At least on my short test rides. Even if I drop the stem on the smaller bike, I'll still have axel butt problem...