I just built up a Giant Cypher, woman specific 5" travel bike, and it looks good:
This particular one is an Extra Small, Giant suggests that is fits gals from 5'2" to 5'4".
This is the same basic frame as the Trance X, and on both models Giant has made some very nice upgrades for 2011, such as: Post mount rear brake
And press fit BB96 Bottom bracket
And tapered 1.5 to 1.125 headset and steerer tube:
We also have this model in size small showing up in the next couple of days.