I am 5'2.5" and LOVE my 29er. My inseam is 29", one of the girls on my race team is 5'2" with a 27.5" inseam and loves hers. My 29er is my first race geometry so I don't know if that changes it from my 5" travel bike I previously raced but I think the 29er climbs better, is responsive and shockingly nimble. They do feel different descending, which is what I am struggling with on mine after two months but getting there.
My bike is the Specialized Epic Comp, a "unisex" frame. I find even with a very short torso (perfect WSD candidate) I am not a fan of Specialized WSD geometry but I LOVE my Epic. It is the small which is 15.5" frame. Specialized will be rolling out a 29er WSD hardtail for 2012 and has a WSD Full Suspension in the Myka. However the Myka is not a race bike and that is what I wanted. I found I fit the Stumpjumper hardtail nicely in the 15.5" frame as well.
Hardtails depend on if you are willing to drop the money for carbon, my friend got a hardtail Specialized Stumpjumper Expert and it is around 24 pounds.
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