Sweet! Congrats on your new 1911.
A government model doesn't really need that much improvement, but here are some good, practical custom features that won't cause you to go broke:
What upgrades you choose depends entirely on you. If you want to improve shooting ergonomics, a beavertail grip safety (Ed Brown makes an excellent one) is in order. If you want your pistol not to snag when you draw it, look into a Novak rear combat sight.
Field strip the pistol and insert an empty mag. If you notice vertical play between the mag and frame, get an elevated mag catch. It'll improve feeding.
Get the tool marks out of the feed ramp, or do it yourself with a bit of 600 grit sandpaper and your finger. You don't need to rub on it much, just until the tool marks grow pretty faint. Do NOT use a wooden dowel for this job, as this lends itself to changing the shape/angle of the feed ramp
which will ruin your entire frame. Probably wouldn't happen with 600 grit, but it's best to be on the safe side. Oh yeah, and I know your 1911 is probably all stainless, but make doubly sure before you touch the feed ramp.
None of this stuff is particularly expensive, in fact, polishing the feed ramp is free if you choose to do it yourself. Some people are afraid to mess up their gun. If you're afraid, DON'T DO IT!
If the trigger on your Colt 1911 isn't already awesome enough for you, get an elongated trigger and an action job, I guess.
Oh yeah, and PM Shorts, she knows a lot more about 1911s than I do.