Trek2.3: I don't have one, but I was looking into the inexpensive Trek line of bikes for my gf who has a short inseam and is 5'2". It turns out that Trek's are smaller than Cannondales so she can ride a 47cm trek 1.2 or 2.3, which uses a 700c wheel. The 43cm Treks use a 650c wheel, and personally, I don't like it because you'll have to buy only 650c tires and tubes, and that is harder to find and not to mention that if you flat, chances are no one riding with you can give you a tube (of course you should carry a spare in any event).
If size is an issue, and the bike is for a female, I would suggest the Specialized bikes for women, like the Dolce. The smallest sizes use 700c wheels, and they are even smaller than the Trek 47cm bikes. BH also makes a couple bikes for women and they are 700c bikes and the smallest sizes are very, very small. Good luck!
I bought my wife the WSD Trek (1500 I think) at 47cm, with 650c wheels. She is 5'3" and absolutely loves it. She can lift it, easily fits into the back of our car, she hauls it around and rides with her friends. She carries an extra tube, but if it flats and I'm not there, she couldn't change it anyway. Also, it has 165mm crank lengths, which seems OK....
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