I am a firm believer you get what you pay for in the 1911 market. I have purchased several over the years and would suggest for an entry level such guns as the newer Ruger and Remington, Springfield and some of the older Kimbers. Higher end guns like STI, Dan Wesson, Ed Brown, Les Baer and Wilson are a little bit more expensive than the entry level but are very much worth the money.
The 1911 platform is a bit finicky. Because of such tight tolerances, they require thorough cleaning on a very regular basis. Definately a high maintenance gun.
There is an awesome 1911 forum on Glocktalk.com. One of the member is very knowledgable about 1911's has put together a buyers guide.
http://www.1911addicts.com/showthread.php?511-Buyer-s-guide-for-all-you-1911-addicts9mm is becoming very popular with the 1911 manufactures which is less recoil than the 45 and less expensive to shoot. 10 mm is also offered.