This is a rather small frame - I estimate 48cm c-c. I'd be amazed if it's bigger than your current one.
Unfortunately I think you're right.
I measured my current "emergency" bike, a 26" wheeled hybrid of uncertain vintage:
Top tube Horizontal: 580mm
Seat tube: 500mm
Head Tube: 145mm
Wheelbase: 1080
I also finally retrieved the VSF T400 frame from the storage area on the roof of the team office:
Top Tube: 560mm
Seat Tube: 550mm
Head Tube: 190mm
Wheelbase: 1090mm
So, the T400 is a bit shorter than my current bike; that said the current bike has the shortest stem I could find because it was a bit too long, the seat tube is 50mm taller, the head tube is 45mm taller, and the wheelbase is 10mm longer. I really can't picture how this would compare in riding, bearing in mind the new frame will be converted for drop bars.