I have a 108282 (5", 8+1, Novak adjust, SS, 39 oz!), it's pretty tight with zero rattle. Much more accurate than me with a nice crisp trigger. Zero failures so far, but I have less than 500 rounds through it. I personally prefer shooting the looser, lighter Commander-sized 1911s, but the 5" was on-sale and too good a value to turn down.
I'm not sure if applies to all S&W 1911s, but the field-strip of mine is a little more convoluted or involved than a typical semi-auto (or even other 1911s).
As far as build quality, reliability, & operation I pretty much consider it flawless. If you're in the market for a 1911, you can be pretty confident in selecting S&W.