Do you think bike frame size is less important these days?

It may seem like a silly question, and i know bike companies are all making those shitty compact frames, but it seems that the advent of mass produced bikes has allowed longer seatposts and stems that allow for more frame sizes to fit more people. I am 6'2 and a bit, and ride two bikes, one i built which is 53cm c-t and a fuji track which is 61cm not sure if its c-c or c-t, but i find the fuji considerably more uncomfortable in almost everyway, bar the fact the smaller frame has a slight toe overlap problem. What do you think?

That's mental. Maybe you've forgotten what comfortable really means. It's frankly a tragic tale. Come back with a happy ending or I won't be able to sleep.

Yap, at 5'5, somewhere between 51 and 53 would be perfect, depending on your other proportions and that, in my experience. If you have long legs and arms you'd be fine on a 54.