I don't have a brand recommendation (basically, whichever one fits better...), but being a "shorty" myself (even shorter than your wife, 5 ft exactly), I thought I'd share my thoughts on the topic of bike purchasing for short people :)

1) Definitely go with 650c wheels. I rode both, and in my opinion, 650c wheels on a small bike make it handle WAY better (there's really no comparison). Also, with 700c wheels you can't get the front of the bike low enough--at least to my liking (I know you are talking about a rode bike, but still... I used to ride in the drops about 90% of the time when I had a 700c wheeled bike--just felt more comfortable that way, I felt I was way too upright in the hoods, even after changing the stem). I honestly don't even understand why a manufacturer would try to put 700c wheels on something like a size 44 bike (like Specialized does)...

2) With such a small bike, you probably would have to go with a WSD--and I've noticed most of the WSD bikes are spec'd with a triple chainring (because apparently we can't climb hills???). I had it on my first bike and hated it from day one--the shifting was just horrible (I honestly couldn't even shift between chainrings, I had to throw my entire body weight against the lever. Ended up riding in the middle chain ring about 99% of the time, and didn't even bother shifting). I'd say make sure you get a double, and if you think your wife needs easier gears, then you can always get a 12-27 cassette, or a compact crank...

im 5'2" and i loooooooooove my scott contessa cr1!! it was a very popular bike in this year, sold out in the small sizes by may i think. i ride a 49 and have found it to be the perfect bike for me, and it has 700 wheels which is something i wanted, its a lot easier borrowing that size race wheels!
i had a specialized dolce elite, aluminum but a good starter bike. switching to the contessa was amazing. its full carbon/full ultegra for $2700. i was also looking at the f3c by felt (2006 model) but the scott had a couple of better options. the only downside to this bike (to me at least) is that it comes standard with a compact crank. most women-specific bikes come with triples (annoying) but i'd rather get a straight up double!
i worked in a tri shop when i got it, and used to let women test ride mine, i sold a few that way because once they tried it, they were in love.

I used to have a Terry Fastwoman. LOVED that bike. I might buy a new one sometime in the future. It has a nice short top tube (great for those of us with longer legs and a shorter torso) short reach brake levers, narrower handlebars. It is steel but it is light and stiff and handles great!

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bump for the Saturday crowd... surely others have some experience.

Why not the new Madone WSD?

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Owner of a few Speed Concepts since 2011.

She is on an older Trek and looking for something different. They are a little higher than some of the others also.

After watching you ride you might want to give her your ride and find something new for yourself, you and bgtri need all the help you can get...

I have the Specialized Ruby Elite (carbon) and really like it. I tested many bikes prior to purchase a year ago. I've had to do little maintenance. It's very comfortable and great for longer rides/100 mls. It comes in a 48; I purchased the 51- I'm 5'4 but have long legs. Check it out at: www.specialized.com.

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Tracy M. De Soto
Femme Designer/CFO/Attorney
De Soto Sport

I just built a 50cm roadie for my wife (Paketa Mg) in 650 and she loves it. Here are some thoughts:

Go with 650's. On a bike that small I see too many designs that are 49cm seat tube and 54cm TT with a 50mm stem. Standover height is better (as well as cornering stability). I was also able to find a pair of Zipp 303's for $400 that are really nice.

For $2,500 I would probably get a lynsky or similar Ti frame custom built and strip the old components off her current bike (of course if I had a $2,500 budget for something for my wife like a bike I would probly end up spending a lot more.)

Last, and MOST IMPORTANT - Make sure she likes the color, or she will never like the bike ;-) seriously.

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This is your life, and it's ending one minute at a time. - Fight Club
Industry Brat.

$2,500? Didn't your wife give you a bigger budget than that when you bought your B2?

Have you considered a custom Lynskey? I know a guy that knows a guy.

I'm 5'4" with short legs and an abnormally long torso. I have to say that 650 wheels are a must have. I absolutely love them and will never go to 700s. Sure you can't really share wheels with people but as long as you know to have your own stuff (as you always should anyways) then you'll be fine. The 650s do handle sooooo much better and as others have said, they also give you more room to work with in terms of standover height.

As for WSD... if your wife has a short torso and longer legs like a majority of women, then WSD is the way to go. If she is like me with a long torso, find a regular design because the top tubes on the WSD will be too short.

Right, the last I recall I was up big time in total wins and margin of victory (and so was Camel Boy-his new log in). Ck Steelhead 2007 results for 5:35 finishers by the way(racer #313). Fix your fantasy baseball roster.