Dang! When I made this thread, I should have known it would be a hot topic of discussion!
I've read every post, and now I don't feel so bad about thinking C0 is ok. Looks like everyone has an opinion, and in the end I believe the 1911 is a safe design, no matter how it is carried. This, of course, is assuming the operator is VERY mindful of what they are doing at all times.
However, I don't think carrying on a live round, or even worse, on an empy chamber with the hammer down is a good idea. Even with practice, this is definitely something that seems impossible to do in a pinch situation and under stress. I find that the hammer is rather difficult to manipulate in the first place. And then the thought of it slipping from my thumb is scary, even though it is highly unlikely it will ignite the primer. Either way, having a 1911 with the hammer down sounds stupid. A revolver is different, obviously, because you can still squeeze of a round with a stiff DA pull. A SAO gun w/ the hammer down is useless when SHTF.