I don't own the Taurus or the Para, but I do own a Rock Island Tactical.
My RIA Tactical has 2,500 rounds through it. I purchased it through Sarco for $385 (plus 15 shipping) in December.
It is my favorite gun and it is ridiculously accurate. At 20' I can put an entire magazine into a .75" hole. At 50' 1.5-1.75" groups. At 75 feet the accuracy trails off a lot for me to about 5", but that is on me and not the gun. If I were willing to invest the time and money into some optics, I think that it would do significantly better at distance. It is not a bullseye gun, but it can impress with the right ammunition.
I do have some reliability concerns with it. I have to detail strip the slide every 150 rounds or so and scrub the heck out of the extractor. I only shoot lead reloads (which are fairly dirty). After 150 rounds of crud builds up I start to get 3 point jams. I think my extractor needs a little polishing, but frankly, I am afraid to take the dremel to it. As long as I keep the gun clean it is perfectly reliable. It just seems like without fail I get failures after 3 boxes of reloads. I don't think the magazines that ship with the gun are very good (but I know Taurus ships the same magazine, as does Smith and Wesson).
The Taurus and the RIA both have lifetime warranties. You should check out
http://forum.m1911.org/ and read the specific sections for Armscor (which makes Rock Island), Taurus, and Para. The general feeling is that Arnel at RIA will take fantastic care of you if you have problems. But when I read the Taurus board they mostly dump on the customer service.
The Para is kind of an X factor because the model is so new. I haven't been able to find one in a store yet. The Taurus is the prettiest (at least in some models). But the RIA has a real nice quiet dignity about it.