Wifey is 5'1" and is on a Specialized that fits her really, really well. It has 700 c wheels, size 44. The Trek she had before, which coincidentally had 650s, didn't fit her very well. I know that the Specialized has 165mm cranks, which may be a tiny bit long for her but it hasn't interfered with anything. In fact, it is the great fit of the Specialized that really got her out riding a lot.

Toe overlap isn't as big of a deal on the road typically. Now, in shopping for a cross bike for Wifey we're definitely looking at 650s.