I have that exact problem. My arms and legs are long for someone who is 5'10-5'11". I'm actually a tad worse in that I have a 34" inseam. Finding a mountain bike that fits is extremely difficult. Because of my back problems, I typically lean towards a smaller bike so I'm not super stretched out. But then I have to worry about seat tube length and not having enough seat post. Eventually I decided to purchase a custom built bike that was designed around my body and riding style. See my post about it here. While that was the answer for me, it may not be the best answer for you.
My suggestion is to looking into 18" frames. Most bike manufactures mediums are 17.5" and larges are 19"; that 17.5/19 number usually refers to the seat tube length. A 18" inch frame usually splits the difference, with a 18"/457mm seat tube and a effective top tube around 23.6/600mm however they are not that common. My Haro Mary SS is an 18" and it fits great. The Niner full suspension medium bikes are sized around 18", that is why reviewers say they run big. Their hardtails are a tad different though, thier seat tube is 1.5" shorter while the top tube remains the same. I run out of seat post on their hardtails.
Giant is another manufacturer that builds Medium sized bikes at 18". Redline makes bikes that run a tad smaller that the size woudl indicate. Their 19" frames run a top tube in the 605mm range, however there may be a stand over height problem with that size frame.
Bottom line is that you have to keep trying until you find something that feels right. I never could which is why I went to a custom bike, that and I really wanted one.
Custom Steel Cysco 29er (on the way)
2011 Allez Comp Apex
Haro Mary SS 29er
Racing for Harpeth Bikes.
"Rest satisfied with doing well and leave others to talk of you as they please"
"Every time I make a plan, God laughs at me."
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