Having dealt with Taurus firearms for my customers on more than one occasion.. and more times than I even care to remember... I can honestly say I despise them as a company... but wait I am not bashing honestly, let me point out a few things already mentioned.
Yes there are better 1911's out there, some for around the same you spent.
Taurus's PT1911 is probably their most solid gun, followed by OLDER made PT92s. I have dealt with a few of each, but they are solid to almost any other Taurus model.
Yours IS functioning fine... and you seem content with it. So you don't NEED to trade up for a new pony, but I understand the WANT to.
If you would feel better peace at mind trading up on the Taurus.. I personally would stand behind you in that decision... but I wouldn't tell you it is a MUST, or that you NEED to. But if you WANT to do something, that should be reason enough, no one should stop you.
If it were up to me... our shop would stop carrying Taurus, but it is not.. and with a tight economy it is understandable to want to save the cash. When customers ask my honest opinion I tell them about the gun smith logs and warranty repair logs. Taurus is my number one brand with issues (again rarely the PT1911's). I tell people if it is just gonna be a toy for the range, go ahead, save some money, and get a Taurus. Personally I am not comfortable recommending them for a defensive gun.
I am really trying to be fair... and not all Tauri are nightmares.. some work and shoot as they should, the real problem lies in their quality control... and their lack of customer service.
I know in posting this I will get people saying "Oh well your wrong.. MY Taurus works just fine." Yes your ONE or TWO or THREE examples of a Taurus might work great. You should thank your lucky stars and continue to enjoy them. I make my statements based on the fact I have sold, repaired, bought, and sent out for warranty repair thousands of them.
If you were looking for suggestions without breaking the bank...
SA Mil-spec's
STI Spartan.
Colt XSE
SA Range Officer
Ruger's new 1911.
Honestly shop the used cases. Times are tough for a lot of American's right now, I get people in every day trading in guns that are almost as good as new because they are tight on cash.