I own a few 1911's, from different makers, Springfield, Colt, Kimber, S&W, Fusion, Essex, and I would buy a PT1911 only to rebuild it or shoot at the range.
For a $500 1911 it isn't awful but know that you are buying a low-end 1911. I wouldn't carry one without replacing most all of the internals.
Their customer service has more nightmare stories than you can count, and I have seen this myself.
I don't think a Taurus forum is a good place to get an unbiased opinion about a Taurus, just like a Glock or 1911 or gun-specific forum is likely to be any more unbiased.
My daily carry 1911 is a pre-series-II Kimber, but you won't catch me bashing every other brand out there, nor do I understand where that comment comes from. All of mine have been completely reliable after a few tweaks and tunes, (except for the Daly which took a LOT of work to make it right, I wouldn't carry that one either.) The current history of Taurus in genral and the pt1911 specifically would make me feel like carrying it would be more of a liability and my life is worth more than that to me. I also don't understand the above comment about 80-series being crap. Many makers use that system, including Colt, who developed it, and there is no history of any issues being brought on by it, other than the erroneous myth of a bad trigger pull.
For a couple hundred more you can buy a 1911 with a much better reputation, such as a Colt 1991 or Springfield MilSpec or Loaded, and in the long run I think you will be much happier.