Well, it's just one data point, but here goes:
So far (250 rds) my blue PT1911 has functioned perfectly, and today I put 46/50 in the 10 ring of a B8 target from 10 yards - the X was entirely blown out. (FWIW, the "fliers" were 3 9s and an 8.) That would not be a big deal for lots of you, I'm sure, but it's the only pistol I have tried that *I* can do that with... including the Springfield V10 and Colt Gov't Model 70 I also fired today.
The trigger pull is 4# 4oz +/- 2oz, which has a lot to do with it, I'm sure.
On the down side, the comments about the blue wearing off unreasonably quickly do seem to have some merit. At some point I may need to have this one refinished, but for the price and quality of this specific pistol, I won't mind too much. Also, I replaced the grip panels, as the stock ones were uncomfortable.
My $0.02 is that I wouldn't buy a Taurus (or any 1911) mail order - check the actual sale item for function, fit, & finish. As always, YMMV.