I had a Charles Daly, that I just recently sold. (I just didn't shoot it much anymore, and needed the money for car repairs, no problem at all with the gun) I bought it new for $490, which is HIGH for a CD. The gun performed perfectly, save for a few minor issues at the beginning of my ownership, which were very likely due to it being my first center-fire caliber handgun, as well as my first time shooting a 1911-style pistol. All issues cleared up within 500 rounds.
Some of the things that RIA and Charles Daly has going for them:
Virtual lifetime warranty. If there's ever a problem with your pistol, contact Ivan over at the m1911.org forums, or the Charles Daly rep right here on THR. They'll make it right in a hurry, and usually for free.
For the price range you're looking at, of course you could go with something really high-end, but then you'd have to shell out even more jack for ammo. And let me tell you, .45 isn't exactly cheap anymore. If you go with a CD, you'll have a great, solid 1911, and HUNDREDS left over for ammo. That's a plus in my book. Also, Charles Daly pistols aren't at all as basic as the RIA pistols are. Mine came with forward serrations, a lowered ejection port, beavertail safety, and some damn nice bluing. For a budget 1911, that's hard to beat.
And sure, some will say that they're junk, or that they had one and it was a jam-o-matic, etc, etc. But that's true of any gun maker, and anyone you ask has some bias.
Bottomline, if you ask me, there's certainly nothing wrong with the high-dollar guns. Some of them are absolutely amazing. But for what it's worth, the Charles Daly is a damn fine pistol, with awesome customer service, for a great price.