I don't want to be the self-imposed moderator and say search the archives first.
But, if you did you would realize toe-overlap is a well recognized phenomenon on the smaller cervelo's 48, 51 and occasionally 54 R3 and S-series bikes depending upon your setup and shoe size etc.
But, truth be told it is ONLY a problem in your head. I lived with it for 2 years on my old 51cm R3, with lots of km's. It doesn't affect riding one bit, except for the times when you sharply turn the bar to say make a u-turn from a standing position. You will quickly compensate when you feel the wheel hit your toe. In day to day riding I don't think it will ever cause you an accident.
cervelo is well aware of this and in fact, the XS RS was designed to try to eliminate toe-overlap with a modification through the use of 650 wheels.
Here is what it says on RS page:
Eliminated toe-overlap by using 650c wheels for the XS size.
Toe overlap is not a problem for experienced riders, but can be intimidating for some. Using 650c wheels in the XS size is the only way to solve this problem without compromising the weight distribution and thus handling.
Every solution that eliminates toe-overlap but keeps 700c wheels suffers in handling.
Explanation for the 650c wheel solution on the XS size: A smaller frame means the front wheel moves closer to the rider’s feet, causing toe-overlap. While inconvenient at walking pace, this issue disappears at normal riding speeds as the actual steering angles become very small.
There are four ways to deal with this:
1) Accept toe overlap, after all it is not a problem if the rider is aware of it at low speeds, and it does not occur at higher speeds.
2) Use 650c wheels, which allow us to move the wheel closer but thanks to its smaller diameter it will never touch the rider’s toes.
3) Leave the front wheel far out front, but then the weight distribution will not be balanced.
4) Mess up the rider position by moving the rider forward instead of the wheel and handlebar rearward.
But a changed position will not be comfortable, and the weight distribution will again be compromised.
Compromised weight distribution and therefore handling make options 3 and 4 unacceptable, leaving options 1 & 2. If you are a racer and neutral support is important, or you want commonality of parts with other 700c bikes, then option 1 is the best solution. We offer this on most of our road bikes. Option 2 is a great solution if you are concerned about toe overlap, never need neutral support and carry a spare for yourself (since your riding partners will likely have only 700c spare tubes, although even those work in a pinch, just fold them in – no problem).