I own one, a stainless steel model. I ended up putting a new ambi-safety on it due to a loose right-side lever. The gunsmith said he's seen the same thing happen to other ambi-safeties on more expensive 1911's, so I don't completely hold it against Taurus (that it happened within a week of buying it, means I do a little...). Once I put a Kings safety on it all was right.
Only other negative about it to me are the less than high end plastic panels on the handle, but that's easily and inexpensively taken care of. Hasn't been a problem for me yet, but I've read elsewhere that people have had to replace the hammer due to cracks forming in them, perhaps due to the locking feature built into the hammer (thinner metal as a result).
Great set of features others cost extra for (many of them are built into the higher price tags of others).
Would I recommend it? I do like my PT1911SS, but I also put more money it than the sticker price suggests due to replacing the safety, which is contrary to its marketing and advertising. Sure. I've heard its mostly hit, and a little miss, when it comes to a problem like I had. And my recommendation means less than that of other folks on the forum with more experience with a wider variety manufacturers.
A Colt for a little more is a great idea too. A little more that that (like double the PT1911SS at this point in the little more scale) and you can get a nice Para or Kimber SIS. I've owned cheaper 1911 45's and can say yes quality and price generally go hand in hand. It all depends on your comfort zone for how much you're willing to spend at the time.
I enjoy my choice (now), but can see myself getting more 1911 style guns down the road and there's plenty to choose from. I also haven't put thousands of round through it yet to say how it holds up with some mileage.
Warning though: 1911's seem to be addictive. And Kimber and other manufacturers make .40S&W's and 9mm's if you like the feel but want a different calibre.
PS: Combat Handguns November '08 has a set of articles on 5 different 1911's (including one 9mm model, plus the Taurus PT1911 and SS).