Depends what ya like. The GI's have gotten great reviews, but they are very basic. The Mil Specs are about the same, but with the addition of three dot sights. The Mil Spec makes a nice base for a custom build-up. i purchased a used one last year for $400 and shudder everytime I think how much money I have dumped into it since. I think the only original parts left in it are the slide, frame and barrel. Didn't really need anything but I like to tinker. Both these models are nice, if you like a somewhat "primitive" 1911, and can be had in your price range. If you like a 1911 with some of the bells and whistles, I would reccomend kicking around for a used SA "Loaded". It shouldn't be too hard to find one for around $500. Very reliable and accurate from the box, I think these guns are a great buy. They have many features that you may want to add later already built in- beavertail, Novak sights, light-weight trigger, opened ejection port, extended controls, FLGR, etc. Pretty much everything you need. Of course, there's always room for improvement, you just have to talk yourself into "needing" it. Custom barrels, trigger jobs, checkering, magwells, refinishing... You can pretty easily double or near triple the purchase price between custom parts and gunsmithing. Such is the curse of the 1911.