Cheers to all that got back to me which no one ever did. I too was seeking for help with sizing and posed a lengthy detailed measurement on another thread (not his one) and guess what -- not a soul gave me any insight, 2 cents, help or advice, not even a sausage! Except for top man Jasann who did point me in the right direction.
Yes, I am fully aware of the need to get a professional bike fit, however, I was interested in hearing from you guyz who are on 54s ad 51s just so that I can compare myself. Granted that even riders of the same height and inseam have different torso and leg lengths and flexibility, perhaps my expectations were high. Oh well never mind.
So anyway in the end, I did manage rule out the 54cm completely after a second test ride on the 54cm (fitted with a whopping 120mm stem). After getting good feedback from few S1 riders on 54's and 51's, the 51 would be perfect for me. It also turned out that my LBS was "pushing" me hard to get a 54cm even when he sized me up and saw me stretched out on the hoods and drops and despite this, the LBS tried very hard convincing me the 54 was best for 170cm tall rider with 30.5 inches inseam with very good flexibility. My gut feel was to run like hell and be patient until I find the 51cm no matter how tempting the sale price!