Look at some of the trek kiddies range,
they have a system of moving many major parts to keep the bike fitting for many years.
The pedals have two positions, and the stem is adjustable in height and reach.
Trouble is, they cost a bit more than your average. The boys version is called an MT220, not sure about the girls.
*edit*
http://www.trekbike.co.uk/2007/bikes.php?sec=overview&MainCatID=6&SubCatID=&RangeID=&ID=289