I didn't read all the replies, but did you find a bike that fits you properly?
Please tell me that your old Giant was AT LEAST an XS, not a small. If it was a small then I am 99% sure the LBS that sold it to you because they are either A) Morons B) had no clue c) needed to get rid of the small... Or all three.
I don't even need your measurements to tell you a size small is WAY to big for someone who is 5'.

I am 5'1" and the 47cm Felt I ordered for myself was WAY to big. But I am short in every way. Arms, legs, torso.

Depending on the bike I ride between a 44 and a 46. And I have 650 wheels and love them! I don't know why people are so anti 650. There are still a decent selection of 650 tires out there. And being on the small side I like the feeling of riding a bit closer to the ground. My flat bar roadie is a 700c bike and I always feel like I'm riding in a jacked up 4x 4 pickup.