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I had a bike fit on it and, with the correct components, it has ended up being set up fine (shortish stem, saddle right forward and almost no seat post) and is comfortable BUT it is too big yes.
It isn't 'massive' though.
The SystemSix was my first ever road bike and I learned several lessons from the process of buying & building up and the bike itself but it has been really good to me and served its purpose well.
That frame is tiny compared to your Cannondale. Does that mean your Cannondale is massive for you?