Hmmm...Im 5'3 but I dont consider myself short at all. I think Im pretty normal height-wise. Though I will admit, I am rarely spotted without heels at least 2.5 inches.
Benefits:
Most men are taller so there is a larger pool to choose from.
You always get people to help you reach things easily.
Cons:
You always need someoen to help you reach things
You look chubby even with a little bit of weight
You have to wear heels otherwise you always look like the small person in pictures
You're quite right...5ft 3" is not considered short specially among Asians. It should be anyone 5ft 2" or under.
I see, a same scenario can be beneficial as well as a con point for short people. :D