I'm barely 5'3" (I know I'm a little shorter) and am riding a Cervelo full carbon (granted, it's a tri bike, but they do make road bikes full carbon). I toyed with WSD, but in the end the 48 P2C is what won out. They make the Soloist and R3 which are the road bike versions in carbon.
I LOVE my bike. It has 650's and I absolutely LOVE the smaller wheels. I can accelerate much faster than on my Giant OCR1, have much better steering control, and in reality I'm not expending more energy or spinning that much more than someone on 700's. They are a better fit for me than my 700's. That's my opinion. Plus, on such a small frame, the 650's look more proportional to me thant he 700s. Again- my opinion.