I handled one at the big LGS, and I was very impressed. Just my ignorant opinion, but I thought it was nicer than the other guns they had at that price point.
I'm an admitted cheapskate, and I later ended up buying a Tisas 1911A1 at the same place for $299.
The CZ seemed to be a better quality, and I liked the finish and rollmark better, but it was over twice the price.
I really wasn't hunting for any 1911's at the time; if I HAD to have one, the CZ would have been my pick. The Tisas was more of a "man, I really just can't beat this price" deal.
As an aside, I think the CZ fit into 2 marketing roles.
- As a high quality GI model, it's a great option
- As a "My Favorite Brand" 1911, it meets the bill, but is a little plain. Sig and S&W are a couple of other brands that come to mind, known for other guns, that also put out 1911's and you might want one on your brand. The CZ is the most generic of this bunch.
I'm a CZ guy, and I did consider getting one "just because". If I had more expendable money, I would have.