If you shop around, deals can be had. Last summer I ran into a guy who was selling off several guns preparing to move out of California. One was a Series 80 Govt Stainless .45, with a Delta Elite 10mm complete slide as well as 3 Colt mags in each caliber. It also included a rail attachment, a TLR-1 light, and 714 rounds of 10mm ammo, all factory from Federal to Buffalo Bore. His price was $900 + PPT fee for all. I bought it, and sold the 10mm stuff to a local gunsmith for $400 (he nearly broke his arm whipping out his wallet) so I ended up with a very little used .45 with three mags, a rail, and a light for $500. That was a win-win-win deal - the seller, the gunsmith, and I all walked away happy.
My other 1911 is a Series 70 blued, with adjustable sights, that the previous owner ported - ruining it's value. It tended to gather crap around the bushing, and NOBODY wanted to buy it. It spent 16 months in a LGS consignment case, until it got down to $269. I bought it, and it shot well until it got dirty. Solved that with a Ed Brown Match barrel/bushing combo and a little guidance from 1911Tuner here. It's now a sweet shooter with non-functional slide ports, and I enjoyed the process of fitting the barrel.
My father-in-law recently purchased a nearly-new Commander for $500, with three mags, a holster, and a hard case. In this economy, deals are out there if you have cash.
If I were buying new, and was only going to have one 1911, it would be a Colt. Nothing wrong with the others, but no other 1911 has the history Colt does.