...but style and cool factor matched with reliability hasn't.
This response will seem like disagreement, but it's not really that. Just a different perspective on some of the same points.
It's hard to discuss "style and cool factor" as those are very subjective values. The older guns are often quite attractive, but much of that is due to the level of finish and the
beautiful deep bluing seen on many of them. Modern guns finished to the same standards can be be very attractive and have "style," too.
- I have a SIG P226 X-Five in .40 and a SIG P220 Super Match that are every bit as well made as the Colt we're describing, with fit and finish as good or better than almost any of the older guns. You pay a price for that level of product nowadays, but you paid a price for it then.
- A high-gloss, dark blue (blued) CZ-85 from the early 1990s is a thing of beauty, too. You can get the blued CZs, still, from the CZ Custom Shop for about a $100 premium, but be prepared to wait a while for these "special order" guns. But if you like the blued finish, it's well worth the wait.
I have no experience with the Colt we're discussing, and it may be a uniquely reliable .32 a.c.p. pistol, but a lot of the guns from that era were just OK, not outstanding. With the possible exception of the Colt in question, I'd argue that reliability and durability has, in most ways, actually IMPROVED with most newer gun, as many of the older semi-autos weren't always the best. My favorite, the Luger (P-08) was reliable as long as it was kept very clean -- and that was one of it's short-comings as a military weapon.
I don't think any of the guns from that era could come close to keeping up with a modern SIG, Glock, H&K, S&W*, Ruger*, or CZ in terms of shots fired without failure.
The Colt in questions IS very handsome, and was widely used. But, if you read about the lawman and military men of the period, especially the ones doing the heavy lifting, most of them weren't really into .32 a.c.p. Folks out to do serious work used rifles, shotguns, and .45s (and a few larger caliber revolvers.)
I suspect the Colt 1903 was a "gentleman's" gun, carried a lot and used a little -- as is the case with most "carry" guns, nowadays.
____
* Upon rereading my response, I see that I neglected to include Ruger and S&W in that list of modern guns that are known for exceptional reliability. I corrected that error. Beretta might be added to the list, too, as I've had a number of them, and only a "Tomcat" ever gave me a hint of problems, and it was an early production gun.
.