I am 5'2 and both of my road bikes are 700s. I don't think the bikes look weird at all! On the contrary, I feel like bikes w/ 650s look just SO tiny especially when you're riding in a pace line or in a pack. Also, on a 650 you're less likely to provide any wind coverage when its your turn to pull.

Plus, its very very nice to be able to swap wheels w/ my BF whenever I need to use a set of wheels w/ a tire to ride on dirt, or a super sexy carbon wheelset. You did mention this in the pros/cons but just thought I'd add it for good measure