Not good for the pocket! What happened was, when I got the 500L and it was too big, they had no 500s frames in for 4 months. They said I could wait and at least I had a bike to ride, but they also suggested a 475M was a viable alternative. It kind of was, but the 500s feels much better. It's 1cm shorter than 475M I think. There's quite a big difference in length between 500L (57.5cm) and 500S (54cm). Maybe they should do a 500M! According to the website, at 1603mm tall (5'3" in old money), I am too big for a 500S, but it does seem better than the L.
Fortunately my kind husband offered to sort the pickle out for my birthday. I like the red, but I think my favourite bike colour is Royal Blue. I used to have a Dawes Horizon in that colour and it was lovely, if a bit too long!
Best wishes, Jane