I won't say "nay", but I would say you can do better. I have a 22/45 MKIII and am not a big fan of the grip. Hadn't really thought about fitting it for some real 1911 grips, so I might look into that myself. The biggest gripe I have is the same as others have mentioned... the takedown and assembly. I'd like to think that it is totally un-necessary to have it that complicated.
reliability wise, there isn't a problem at all. I ran through about 700 rounds in a weekend out in Wyoming, and the gun got very dirty... wasn't until our last afternoon of shooting stuff that I had problems... and I'd even blame them on ammo. The stuff I was shooting was the federal bulk pack from walmart.
I really like my friend's Buckmark. If I had to do it all over again, I'd go with one of those. It's very similar, but the field strip is a lot easier.
Oh, and whatever you decide to get, do yourself a favor and find a magazine loader. It doesn't take much mag loading before you can sell yourself on getting one.