49cm * (1"/2.54cm) = 19.3"

But look at the effective top tube lengths instead of seat post lengths (sizes). I ride a 54cm (21.3") road frame with 55cm (21.7") top tube, but would be looking at the 17.5" Soho S first.

It's got a slack head tube angle, tall head tube length, and 1" riser bars, which promote a more upright position. I think it'd be nice for commuting for some people. But the kind of people who might find this useful, I think could benefit from a little lower gearing so they're not just mashing around. And yeah, I do think it's a bit over-priced for what it's got. Edit: They couldn't even put V-brakes on that thing?