Let me throw one other wrinkle into your decision... Assuming you are going to get a Colt 1911, what do you plan to do with it or how do you plan to use it? I ask because depending on those answers, you may be better of with one of Colt's current WWI repo's instead of the S70 repo?
Colt produces both the S70 and WWI repo's as standard catalog items out of their custom shop. The WWI repo are obviously setup like the original 1911's and the S70 are setup more similar to the 1911A1's. Most people consider the WWI's a collector piece or a safe queen because of their limited production numbers (4000) and their special finish (Carbonia). The S70's are considered more appropriate for a good carry gun or as the perfect base for a custom build. I was looking for a base gun for a custom build so I went with a S70.
My S70 repo doesn't have any of the issues described above and it is a very nice gun but my dealer recently got a new WWI repo in and after handling it, I wish I had gotten it instead of the S70. Why? Well even though both guns come out of their custom shop, I would have to say the WWI repo is much better built then my S70. The Frame to slide fit, the trigger, finish and just about everything else is as good or better on the WWI repo. Another reason involves the configuration.
I didn't realize it at the time but some of the things I do not like about the 1911A1 style of the S70 are the changes made to it from the original 1911 design. The arched mainspring housing, the length of the trigger and the fit\shape of the rear tang\grip safety are all things about the S70 I do not like but the original designed components used in the WWI repos fit me perfectly. Honestly, the only shortcoming for me with the original 1911 design is the sights which are pretty weak. if Colt had upgraded the sights of the WWI repos to the ones used on the S70's, it would be a gun I would be perfectly happy using unaltered, straight out of the box. That is not the case with the S70 (for me anyway).
The reason why most consider the WWI repos "collector" pieces is because of the limited production number and the Carbonia finish which is very unusual for a modern production gun. The Carbonia finish is funny deal in that some of these WWI's have the most beautiful finishes that you have ever seen on a modern standard production gun but some them are, shall we say less then ideal?
The original run of 4000 is now over but Colt realized that they were very popular and wanted to continue making them but then again, they didn't want to piss off collectors by going past their promise of 4000 units so they came up with a happy middle ground. The original WWI repos had a model # of 01911 and came with the aforementioned Carbonia finish. They are now making a WWI repo with a model # of 01918 which come with a more common Black Oxide finish. Other then that, they are identical.
If I didn't have a Colt and was going out to buy one today, I would get one of these new 01918 WWI repos. As I stated above, they come out of the box almost perfect for me and my hands and because they are not a limited run, I wouldn't feel bad about using one daily. For that reason and the fact that there is nothing overly special about the Black Oxide finish, I wouldn't feel bad about sending it out to have the sights upgraded which wouldn't unfortunately require the slide to be refinished.
Just something to think about.