The answer to the question, "Do you get what you pay for in 1911s?" is, "It depends." Many manufacturers make 1911-style pistols, and the prices range from $500 to well over $5,000 (Wilson Classic Supergrade MSRP is $5,195). Is the $5,000 gun ten times the $500 gun? Probably not in a precision and accuracy sense, but in a pride of ownership sense, the answer is "Yes." I have owned Wilson Combat guns, but I sold them all to people who wanted them more than I did -- and for more than I paid. In that sense, the guns were worth it.
That being said, there are a lot of great 1911s in the lower price ranges. The STI Spartan and the Springfield Armory (SA) Range Officer are great target guns at prices well under $1,000. Both STI and SA have excellent warranties and support. Colt is still making Gold Cup variants at prices around $1200. At that price point, the STI Trojan (which now comes with a much smaller and less obtrusive rollmark) is a great pistol.