Locally and on GB you can get barely used/like new HK USP's and Sig P220's of all varieties for under $700. That would be my first non-1911 choice.
CZ makes a pretty cool 45 in the CZ 97. Not super common but a heck of a nice pistol for your price range. Also EAA makes a cool copy that takes slides for most calibers, just buy a new slide/barrel/mag. Kinda cool, especially if you want a 10mm some day. Check the forums though, they had problems with cracked frames on some models and its easy to tell which "generation" to avoid.
As far as 1911's go the Valor is very nice and I have guns on par with the Valor but they cant really do anything a $700 Colt/Springer/etc cant do. If you know how to pick out a good 1911 you can easily get a very good one for your price, not Valor nice, but the Valor doesn't have a pony on the side either
Just got a real nice 1986 Colt MKIV, very well built for $598 out the door, thing is brand new too so they are out there.
For what its worth my $700 or less 1911's shoot almost as well as my more expensive 1911s and STILL better than my HK's, Sig's, FN's, Glocks,...., have ever shot. Do I think the DW, STI's, Baer,....., are worth the cash? Heck yes but a good bare bones Colt, Springer,....., are dang fine guns too, possibly better for some than the da/sa and dao guns.
As far as the M&P45, FNP-45, those are nice too but neither were for me. I had an FNP-9, nice gun but hated the decocker lever so I was excited the FNP-45 changed it up, but the 45 just didnt feel right to me so I passed on them. Wish I would have liked it though, I really wanted to and was surprised I didn't. Haven't played with the XDM-45 yet, also gonna be a great gun but just not for me.
Either way you picked a great caliber and you will probably buy more 45s anyway so just get what blows your skirt up and have fun with your new toy.
