I just bought a S&W "E" Series 1911. All stainless, no rail, no ambi safety, but it shoots straight and is a beautiful gun. The price was $825, and you seem to get a really nice 1911 for that price. I'd expect to pay closer to $1000 for the fit and finish.
I did have a few reliability issues, but I'm pretty sure that's a magazine issue and not a gun issue. I bet some Wilson mags will fix the problem, which I would have bought anyway for what ever 1911 I had bought.
Check them out.