To answer your question:
My girlfriend absolutely loves the 24" wheels. They make the bike lower, lighter, and they even shorten the overall length of the bike.
You should keep an eye on bb height, but with shorter cranks (my g.f. has 170mm cranks or maybe even 165mm actually)
I even borrow her wheel set sometimes because I enjoy the set up for jumping. You can make a pretty strong wheel set out of 24" wheels and still keep the weight way down. You can even add fairly fat tires (she uses 2.7" highrollers) without as much of a weight penalty and depending on the frame, you can fit bigger tires in 24" than you can with 26" rims.
On the Cannondale thing:---they ride great, are super light for 5"x5" and are readily available here. The Jekyll 900 or whatever with a 5" Lefty fork, and Fox pro pedal air shock with rebound and lockout, xt rear mech and decent cranks etc. is 2500CDN with Hayes 6" hydros etc.----not bad.
--------It's Cannondale's reputation (crackandfail) and brand specific components that make us unsure about it.
But with 27" standover height, 26lbs total weight and a lifetime warranty it may be worth it.-The adjustable head tube angle and bb. height is another bonus for fit challenged smaller people.
All said though, If we could afford it we would probably go with the Chapparal.
Hope that helps some.
CHeers,
Buzzes