I'm 5'6", and when I was shopping for a commuter (and looking for a cross bike), I rode a Lemond Poprad that I really, really liked. The 49 was a nice fit for me, not stretched out (though I think that term can be a little bit relative). It is steel, and very smooth, but around 20 lbs built up with knobby tires -- not too bad for steel. Much less than, say, the Trek 520 or Bianchi Volpe.

I should note that I rode the 2007 version (a great orange color) that had cantis, not disc brakes, and I'm sure the disc version is heavier.

If you can locate one of these in your size, you should be able to get a good deal on it, given the Trek/Lemond situation. I think the 2007 I was looking at was on sale (it was December) for around $1100. It was mostly 105 (not sure about the cranks, and I THINK I remember that it had better brakes, Avid, maybe?).