I have been riding now for 7 years, four of those on an XS Specialized Ruby Elite Carbon bicycle. I'm 5'1." I'm very long waisted with very short legs.

Do people over 5'7" who ride much larger bicycles have an advantage with speed?

I would think they could cover a lot more distance with one pedal rotation because their wheels are bigger and their legs are longer, than I can with my very, very short legs and "toy" bicycle as my SO calls it.

Does anyone have any thoughts on this?

I have also decided that I am going to sell my XS Ruby and by an S. I just feel so cramped on the bicycle and I think it would be beneficial if I could stretch out more.