I'm one of those short women riding a 43cm bike with 650c wheels.
I have a Profile Design BSC fork (I would guess the 1-1/8" steerer size) which I'm told has clearance for fenders, but I haven't tried . . .
I've not yet had to replace the stock tires that came on my bike, but I feel that there are some good quality options available, so I'm not worried about it. Are there specific tires that you like on your current bike(s) that are not available as 650c?
I did notice, after many months with my bike, that I do still have a little bit of toe overlap. I would have to be pedaling through a pretty sharp turn for this to be an issue, and it hasn't been.
I like the lower center of gravity that the 650c wheels give me. When I was shopping for this bike, I just couldn't get comfortable on a 700c wheel bike (never mind that all the bikes in stock were just a bit large for me), since I had some back/hip range of motion issues and balance issues.
I have not had the opportunity to ride a 700c wheel bike that is the right size for me, so cannot comment on comparison.

