Petey,
Here's some things to consider....both are very good guns, it really just depends on what features you prefer.
The Patriot has an external extractor. The 1911 extractor has always been one of the weaker links (along with crappy mags) in the otherwise almost perfect design. An external extractor will not need to be tuned & polished, have the tunnel cleaned, etc. That said, I don't like the looks of them, especially on a blued model, and I've never had a problem with the standard 1911 extractor. 1911 purests usually don't care for the external extractors. In any case, I think this is mostly a looks issue.
Both the Patriot and the Colt use high quality forged steel slides and frames. Colt is well known for its good steel and the Patriot uses quality slides & frames supplied by S&W (as does, or at least did, Kimber & Wilson).
I find the Colt grip tang to be uncomfortable and need to install a beavertail grip safety. The Colt tang digs into my hand and I can't get a good high grip with it. If you prefer a beavertail safety, you'll have to get one installed on the Colt. Also, the Colt sights are rather primative and the gun has some sharp edges. Other than that, the Colt is a great gun!
The Patriot comes standard with a beavertail safety (CMC safety that is nickel plated so on the stainless gun the finish doesn't quite match). The Patriot also comes with much better sights than the Colt. The Patriot also has front cocking serrations. I prefer just the straight rear cocking serrations on the Colt, which as more of a purest, I find more attractive than front cheese graters.
My Patriot came with a test target of 5 rounds in one ragged hole. The gun was very accurate and very smooth, no doubt a great deal and just as good as the new Colts. My Patriot was a relatively earlier one and since then I think DW might have been having some quality control issues as they couldn't keep up with demand...they may have also switched barrels...you can research all that on the 1911 forum. I have to say that mine was a great gun though.
So, either way these two guns are comparable in quality and price so your choice mostly depends on what features and looks most appeal to you.