I don't know the answer to your question but I am about to find out as soon as the weather breaks here in Ohio. I just had a steel frame built up that is 2cm larger than I would normally ride. I would normally ride a 54cm C-C but I built up a Columbus Nivacrom steel frame with full Ultegra 10 this winter. The 2cm larger frame plus about 2cm of spacers gives me 4-5cm which puts my bars at the same level as my seat without weird looking stems or a ridiculous amount of spacers. The bike looks awesome. I believe it is what Competitive Cyclist calls the Eddy Fit or French Fit (probably in between).