I have 3 Colt 1911s (70 Gold Cup, 70 Government Combat & 70 Government Model) and they all work fine. The Government Model needed a lot of work (cut down ejection port, bevel mag well, ambi safety, etc) but I shot it in competition for quite a while. It is very well worn. Abused, actually...
All of them pale in comparison to the Sig 1911 XO model I picked up a few months ago. It is a great 1911 and shoots every bit as well as the Gold Cup.
The only problem I have with the Sig is that the slide is 'different' and the gun won't fit in any 1911 holster. It fits in the Sig Serpa-style holster and that's ok for me.
The Sig also has an external extractor so purists might complain. Personally, I don't care. As long as it works.
A really great 1911...
"No matter how cynical you become, it's never enough to keep up." - Lily Tomlin