It is the best 1911 in the $500 range. The trigger is not what I'd want from a $700+ 1911, but it's fine for the price range. A new set of ignition components would be my first investment; the Taurus could really shine with a crisp trigger.
Go into it knowing you're buying a tool, not a beauty queen, and you'll be happy, I think. The guys I shoot with are.