That is the right frame size. I am 6ft and I had a 52cm - step over frame and I never had to push the seatpost down.
If you need to go all the way down, then I suspect you not getting the bike fit right. When you are fully seated on the bike, your toes should barely touch the ground.
Yeah, so as it stands, the "max insert" setting is about 1" too high. It will fit me if I change the exposed seatpost from 5.5" to 4.5", so I just need to cut off part of the seatpost to make that happen.
Ravi, do you happen to know if 4.5" is enough for a kinekt? Or should I just be happy with it as-is? lol