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This gun...I've got a love/hate relationship with it.
First of all, the features, the price - you just can't argue. I took it out the first time and it worked fairly well, though you should know that the magazines are absolute trash. Neither me nor any of the guys I shoot with (including several very big guys) could get an 8th round into the mags at the beginning. After a week of storage with 7 rounds in the mag, the 8th would finally fit, but gun's feed ramp won't accept the round under that amount of pressure - the slide just won't go forward (same thing happens with all the JHP ammo I've tried too).
Second time I shot it, the extractor broke and sent a little shard flying at my face (eye protection, yay!). After that, I had a single-shot 1911.
I called Taurus, and they were extremely willing to handle the problem, but I've had dealings with them in the past, and while they're great, they're also SLOW.
So I called my buddy, who's a machinist. He had the gun for about 3 weeks, during which time he polished the interior, replaced the extractor, tightened the gun's tolerances all the way around. Took the gun from 'fair' to 'awesome'. Obviously, I can't expect everyone will have access to a master machinist / metalsmith. If you're just looking for a solid 1911 for cheap, you could do a lot worse, but realize that there are some quirks with this gun. If you don't mind having it worked on right after you buy it, you can spend a little money at a gunsmith and end up with a great 1911 for still a lot less than you'd spend on the other high-price brands out there.