I'm also pro WSD. Seem like us short stuffs need the WSD to get a bike that fits. I'm only 5' and finding a bike to fit me has been a challenge. Seems like if you are in the middle (avg) you have much more choices and can choose either men's or women's frames.

I have the same problems as the rest. Once you get the top tube short enough then you run into toe overlap. I've got an almost non existant stem on my Surly and it makes handling really squirrely. Its also hard to find 165 cranks with high end groups. I couldn't stop my bike without short reach brake levers and like the extra set on the tops. And the 38 handlebars are short and shallow. I've only ridden 700c wheels but most LBSs I've been in only have one or two bikes that have the 650s.
Even my mountain bike, a Gary Fischer Xsmall, well lets just say I have NO standover room.
The biggest problem is when you are a small female and looking to test ride bikes, there just aren't that many choices out there and most shops I've been in seem to carry sizes for the average male.