I like G.I. style, fully-checkered panels. I got some nice walnut, engraved Brownells on the back, and I have a couple of good rosewood sets from Hogue, but the last two pairs I bought from them have made me reconsider endorsing them.
While there are better grips for combat use, my favorite grips are the original Colt checkered wood with the Gold Colt Medallion. Just because of what they are and how they look.
For everyday use one can not beat aluma-grips. They hold up better than anything else I have seen.
Second choice for me are the carbon fiber grips from carbon creations
Wood is always pretty but on a wood griped 1911 I pull the grips prior to cleaning, as I am heavy handed with the solvent.... of course I'm usually cleaning a minimum of 500 rounds of crud out of the thing.
I have not found that the various micarta grips hold up well.... about a year and a half of carry / use and they look very ratty atround the edges and any high thin points.
There are all kinds of beautiful grips out there and I am a fan of most of them. I am especially fond of exotic wood and burl wood grips. As far as stock wood grips go, I am very fond of the grips Springfield puts on their 1911's. I just love the wood, the color, and the logo.