I got this from
www.1911forum.com:
WW2 (GI) Model: Pistol closely replicates the basic 1911A1 as used by the US military for seven decades. Features:
-high wall ("narrow") ejection port
-low profile GI sights
-lanyard loop on mainspring housing
-vertical cocking serrations on slide
Mil-Spec: Pre-dated the G.I. model, adds some popular features/upgrades
-stainless barrel and bushing (some models)
-loaded chamber indicator (some models)
-lowered and flared ejection port
-high profile 3-dot sights
-beveled magazine well
-loss of the lanyard loop on mainspring housing
-forward-raked cocking serrations on slide
FWIW, I bought a SA Mil-Spec a few months ago and it's been a great gun. I think the better sights are worth the difference in price. Good luck.