Well, if you look at the blue prints for the m1911, you'll see that the slide tolerance and the frame tolerance will, by design, result in a slide to the frame fit with a .001" to a .009" gap/play.
.001" is uber tight and .009" is far from it.
My new Colt 1991a has .005" of max play, so it's right in the middle, and after some 400+ rounds, it has demonstrated 100% reliability, with no failure of any kind whatsoever.
Many, however, would consider .005" to be a "sloppy" fit, and the tendancy is to view any slide to frame wiggle as being poor workmanship.
So in response, those who are marketing themselves as "premium" manufacturers (i.e. they want to get more $$ for their guns) feel they have to have a really tight slide to frame fit.
But... just introduce some dust, grit, carbon, spec of sand, etc... and that uber tight 1911 may prove to not be so uber reliable.
So I suspect that the 500 round break in thing was their response to customer reliability complaints.
And just exactly what is the magic that happens during that 500 rounds? Some abrasion and wear takes place and the fit loosens up.
So IMHO and limited 1911 experience (I'm only on my second)... your reward for being all hung up on getting an uber tight frame to slide fit is that you ... 1.) get to pay a lot more for it (precision machining is expensive) and then 2.) get to pay a couple hundred bucks for ammo. to break it in. And in exchange, you get 1.) bragging rights over how tight your 1911 is and 2.) some potential frustration when your expensive pistol has "hiccups"
The misconception is that any play in the slide to frame fit is a source of inaccuracy. Well the sights are hard mounted to the slide. So if the sights are aligned properly and the barell locks up tightly, then the pistol should be accurate.
What slide to frame fit does affect is the performance of the pistol in a Ransom rest, which (if I understand correctly... I've never played with one) hard mounts the frame to the bench.
In theory, off hand accuracy should not depend on the slide to frame fit.... but rather, depends heavilly on barrel lock up.
And now the disclaimer.... If I'm out to lunch with my reaoning, please correct me, as I'm an eager student of the m1911.