Ladies Bikes - What are you riding?

Hi - I'm currently riding a ladies hybrid which is fine for riding round the city, but am starting to cycle more and more..a few long distance things and maybe eventually I'd think about joining a club, so am looking for a new bike.
Bit stuck on where to start...i dont think I'd want a hybrid bike any more and have been looking at frames but wondered what people thought about benefits of a women's specific frame? (I'm 5ft 5) Does any one have any recommendations of where's good to look...I'm interested in either new or second hand.
My budget would be around £400, is this realistic?

it's not a bad time of year for sale bikes, to be honest, I know that we BC have some stuff on sale, but I always feel bad about over-promoting my bike shop on here.

If you want to come in for a chat I can show you some things and hopefully give you a better idea of what you like, I'm in today, tomorrow, and next tuesday (I think).