In 2012 I found myself asking the same things you are asking Cooldill.
Do I need a 1911? NO
Do I want a 1911? Yes
Are the stories of problem guns indicative of a coming headache? Maybe
Do I need one for self defense? No
What would I really use this gun for? Fun and open carry
When I decided to take the plunge and see what all the hubbub was about I was trying to decide what brand and make to go with. I was really considering the Colt Rail Gun. I realized that since it was going to be a gun I carried in daylight, or shot on the range during daylight hours, I didn't need a rail as I had no need to hang furniture on it. That saved me a significant amount of money, but your preferences are your own.
I ended up settling on a S&W 5" Stainless E Series. I wanted traditional lines, but with a beaver tail grip. The external extractor isn't for everyone though. They had the railed model in my LGS, but also the non railed one I brought home. It was priced at $825, and I traded a Browning Buckmark towards it.
So what did I learn? I learned that my 1911 wasn't "finicky" per say, but did have ammo preferences, but every gun does. It seems to dislike Federal Champ target ammo, and fails to feed it properly. I tried Wilson Magazines, and it helped a bit, but was still choking now and then. So I shot up the rest of that ammo, and switched to warmer stuff. Every time I shot Fed Champ it seemed pretty watered down, but I have no chrono data to back that up.
When I switched to warmer ammo, It started running a little better, and I put a little heavier recoil spring in the gun. 17.5 lbs I believe. It now runs about 96%. I suspect that my extractor may be a touch oversprung as well, but haven't investigated that yet.
If you buy this gun with the expectation it will run perfectly from the box, you may be disappointed initially. Like any gun, you need to try several ammo brands to find one that works in your gun. Quality magazines go a long way, so look into Wilsons, or maybe Tripp Research also. I'm sure there are some other makers that make some really good magazines.
As you know, all guns are individuals and you may buy two identical guns and one may run perfect, and the next not so much. If you buy this gun as a fun gun, and know it may take some figuring out to get it to run properly, then you should enjoy it.
Maintenance is no more difficult than on any other semiauto, but there is a little more to take down and reassembly. Nothing difficult, just a different mechanism. Just beware the frame scratch you can produce by not reinserting the slide stop correctly.
When it comes down to it, I have an HK45, a SA XDS, and my Smith 1911. If I needed a 100% functional, no hiccup gun, Id reach for my HK45 every time. If I want a gun that is a pleasure to shoot, and easy as all hell to hit with, I'd grab the 1911. I'd really like to test drive a Sig P227 also, just cuz. That's unlikely though, as funds are low right now.
I will say, that if I was in a bind, and needed to sell a gun to pay for some unforeseen expense, my 1911 is probably the first one that would go. It's not because I don't like it. It's not because of the small reliability issues. It's because it would be a really easy gun to replace since the market is flooded.
This has been my experience with my one and only 1911, so I am not agreeing or disagreeing with what anyone else has said. Good luck. I hope you enjoy your new 1911. They are a lot of fun.