I've used mine on several 1911 frames. Reliability is mostly a factor of ammo, IMO, with the recommended high-speed plated stuff working 100% on all but one.
Accuracy seems to vary a good deal. How well the conversion fits a particular frame seems to be a large determinant. With ammo from the same lot, I get between 1.5" with the Springfield frame I originally fitted it to and 4"+ on an older Colt Series 70 at 25 yds. In fairness, the fit was too tight for function OTB on the Springfield, and the unit was lapped-in with 800-grit compound from Brownell's. The looser it fits, the larger the groups.
FWIW, the extra money for the adjustable sight version is a good idea. It'll be able to compensate for a lot of ammo/fit variables, especially if you're going to use it on a couple of different frames.
As has been mentioned, the slide stop will not function with the conversion. I believe that this is common to most conversions where the slide is aluminum alloy. There isn't enough 'oomph' to the spring in the .22 magazine and, even if there was, the steel slide stop would wallow out the notch in the slide in fairly short order. Not a biggie, IMO.