As Hoss stated, the 1911 is an excellent pistol and every American male should own at least one in their lifetime! 
 
That said, there is a slight (and I do mean slight!) decrease in reliability as compared to better modern polymer semi-autos (the XD, Glock, etc), but honestly I find my 1911s to be easier, accurate (well, I am better with my XD; but I also have a lot more time shooting it) and honestly more enjoyable to shoot (because of the heavier and longer frame).   
 
Honestly, the normal-sized ones are not as easy to conceal; but as far as everything else, there is absolutely no reason not to but a 1911.  Even the cheaper, entry-level ones from the Philippines--such as the Rock Islands--can be decent shooters! 
 
Cheers!  M2