In addition to the responses so far, I'd like to add my two cents.
The semi-automatic action of a 1911 type pistol is primarily what makes it such a prize to own. However, not all 1911's are created equal. To me, they are alot like fishing tackle, in that, you can catch a fish with just about any rod and reel combo, but once you've held the high end combo in your hand, made your first cast with it, and caught your first lunker on it, you will be hooked yourself. That is, to stick with the high end "tackle".
In my opinion, a 1911 type pistol is nothing without adjustable rear sights or high end fixed sights, and a good trigger. You'll look at the prices ranging from $750 to $1750 and you'll scratch your head. Higher end pistols will have tighter tolerences, will feed better, shoot better, feel better, and just plain ARE better than any cheap imitation.
The down side is magazine capacity. Those 10 rounders sticking out the bottom of the mag well just don't cut it. I like the 8 round Chip McCormick series mags, but I'd really like something with 10, 12, or 13 rounds in the well. But, beggars can't be chosers.