I'm 5'3" (1.6 m), so on the 'tall side' of petite. That being said, I usually can't wear petite clothes. I'm short waisted, with a long rise, and proportionate legs (29/30" inseam). I end up taking regular trousers for the rise length, and look for short, but otherwise just hem them.
I can sometimes wear petite tops--I've got short arms, so sleeves are always too long on me. But I've got sizeable upper arms, so petites can sometimes be a bit too narrow for me.
In many ways, I feel like I've got the best of both worlds--if I find something that I like and isn't working for me in the dressing room, I can head to the petite department and see if they have something over there that suits better, so more options for me!