I just picked up a brand new Giant TCR 3 (2009) online for a great price. Based on my measurements (I'm 5'6, ~30 inseam), I came to the conclusion I could fit a size medium (according to Giant's scale).

I've got the bike now, and put it together for a quick fit check, and the handlebars seem too far, and I've got the seat post on the lowest possible position (seat post stops where the seat tube curves in for the rear wheel). Am I right to conclude this bike is too big for me?

My options are to resell the bike so I can pickup a new size (locally) or swap in a 80-90mm stem and cut down the seat post 1 inch. Would these adjustments work, or it's not worth the hassle?

I don't usually do stupid stuff like buying bikes online, but the price was too great to pass up. Never again.