I'm petite too. About 5" and it fits on the shoulder easily. it's got a handle drop of about 8 to 9 inches. looks good carried in the crook of your arm too. it's a stylish, practical bag.
I have it as well. I am 5'6" and it does fit on my shoulder. I think the strap drop is about 7.5 or 8 inches so with a large jacket it is a bit snug but I always carry it on my shoulder and find it comfortable.
FYI...The cabazon outlet has the t bag media in shiny black with silver hardware at 60% 0ff the outlet price, which comes to $420.00. That is a great deal and it is a gorgeous bag!!