OHIO-
I recently made this decision when poised with the EXACT SAME QUESTION. The difference was I already had a M1991A1 in Stainless (perfectly reliable, very nice example bought used for $700 and four extra mags), and was deciding between the Kimber CUS II and the COLT Combat Elite XSE. The XSE stole my heart when I held them both in the shop, but the Kimber impressed me with its tightness and simplicity (all black, black sights, etc, etc) for the price. The Kimber was $750 new, and the XSE Combat Elite a whopping $975! A lot of dough for a blue-collar guy in a rough economy.
After looking around, posting messages on various 1911 forums, the resounding answer was to go with the COLT! I even attempted other shops for price comparisons, but hardly anybody can get COLTS new, and the Combat Elite is hard to come by around here. Kimbers are more frequent. I also have shot both a Kimber TLE II and another model out of their custom shop with target sights, etc, that a buddy has. The tightness in these guns does mean you have to fire nearly 500 rounds in them before they become "carry-reliable". In this period they are sometimes finicky. The COLT's are always a bit looser, but never sloppy. They were designed like this 100 years ago for a reason: reliability.
When you do the math on 500 rounds, which for me the cheapest I can get is 100 for $35, thats $175 bucks or so I could just put towards the COLT. COLT's will always be COLT's, and there will always be a following. They hold their value well. Needless to say I went back and snatched up the Combat Elite (the last one!), and haven't looked back!
Here's what I would tell you, having shot all these guns, and now owning two: If you want a true value, buy that COLT M1991A1 Series 80 (if its not parkerized) which will not only hold value, but will be very reliable and adequate for all duties. I love the simplicity of mine. The drawback is it doesn't have as much flash and "coolness" factor as the Kimber, so if you think you'll have buyer's remorse down the line (because you have the plain-Jane "GI" model, and your buddies have the hot-rodded models), go with the Kimber. If it were me, I would save a little more dough and go with a COLT XSE, which retains both the COLT name and coolness factor I mentioned. To me, these are cooler than Kimbers, and will likely hold value better.