I had an older Series 70 (1980 or so) and it soured me on the 1911 and Colt in particular. At that time, the name Colt was on the decline, but we didn't have the internet and forums like this to read, so I got one. The most unreliable pistol I have ever owned.
On a normal range trip, I could figure on around 5-10% failure rate even shooting good factory ammo. My option was sell it or send it to a gunsmith and put another $500 in it to make it run,I sold it at a loss and bought a different brand. I now have a Glock 22 (.40) that has never jammed, is lighter and much simpler.
Sorry for the rant and I know a few of my friends have and carry 1911s, no Colt's however, with very few problems. All of that said, go with the new Series 70, I have to think they are better in every way.