Colt's quality has been up and down for decades. They do make a pretty good 1911, but the best in their price range, perhaps not.
Years ago Kimber made a big splash in the 1911 arena (before their QC problems), and showed Colt and other manufacturers, that there need not be a pony on the side of a 1911 for it to be accepted by the shooting public. Since that time, many manufaturers have been producing some pretty good 1911s. I have Norinco, Colt, Ed Brown, Kimber, and recently added a Ruger. The Ruger is nice too. I wanted and almost bought a Dan Wesson, but project mindedness changed, and I've strayed from 1911s. I still have them all, I just don't shoot them as much as I once did.