My bike I got in December has 700's and the only plus I see is if I were to have a flat more riders would have a tube. My frame (like the Specialized Ruby) was designed to eliminate toe overlap and use the 700's but most frames are not designed this way.
My old 650's were just fine. My new bike is stiffer and therefore climbs better and accelerates faster but overall it is just a better designed bike. I cannot even compare it to my Steel bike that had 650's because everything about them is different.
As TriGirl said, 650's look much better on a small frame. My little 47 cm frame looked pretty darn goofy with 700's and it took me a while to not think that!
Equalize your rides by getting a frame that fits and working on your weaknesses. My DH is a speedy guy, so I am working on hills to keep him from dropping me. I get a better workout but he loves riding together.
And I just saw you can get some nice Mavics (Kysrium Elites) for cheap in 650, darn it those are better than mine!! BTW I am 5'2" and many frames for me have 650's.
Amanda
2011 Specialized Epic Comp 29er | Specialized Phenom | "Marie Laveau"
2007 Cannondale Synapse Carbon Road | Selle Italia Lady Gel Flow | "Miranda"
You don't have to be great to get started, but you do have to get started to be great. -Lee J. Colan