Is a BMW really THAT MUCH BETTER than a hotted up Camaro?
Kinda depends on what you're trying to do. If its just moving from point A to point B, probably not. But if the pleasure of the drive, the feel of the road, the proper "feedback" from the vehicle are important, and if you're really into precision instruments, then perhaps it is worth it.
The same holds true for a custom 1911.
you can buy a Taurus .45 that will function in the same "gun" role as the Camaro in the example above. Will you enjoy shooting it as much as a Custom 1911? Unlikely. Will it be as durable? Possibly, possibly not. Will you be able to recoup as much of your cost, over time, through better resale and lower, long-term cost, if you ever try to sell it? Maybe, maybe not.
I've got a custom 1911 that started out as a Norinco. It was built up by a gunsmith in Texas named Jack Fuselier. (He's the source of some great buys on guns, by the way -- I've gotten several great guns from him.) See:
http://www.detnet.com/fuselier/
Soon after that, the front sight (staked) went flying. Because the slide was nickel-plated and the original had been soldered in place, I decided to have a new one dove-tailed into the slide.
I had George Stringer (of TFL Gunsmith's Forum) add a new rear night sight, and a new barrel bushing (required with the changed sights). I later added a Wilson add-on mag well, and Pachmyar wrap-around grips. It already had an ambi-safety.
This gun, in which I now have a total of $700 invested, shoots with Wilson custom guns costing 2-3 times as much. A sub-2" group at 25 yards is easily done, from the bench. I bought it originally from Jack for $400, and could have kept it shooting very nicely for that price, with only a replaced (staked) front sight.
Do you need to spend over a $1000 to get a great 1911? Nope, but some of those $1200 - $3000 guns FEEL GREAT, and its obvious why they cost as much as they do.
Check George Stringer's website, by the way -- he custom builds 1911s for very competitive prices.
http://www.stringergunsmithing.com/index2.ivnu