I also have an A-O, bought it about a year ago, and have put a little over a 1500 rounds through it. Only problems I had was that when new, the mag spring was so tight that I could hardly get 7 in it, and if I did it was so tight it wouldn't want to feed the first round. It relaxed after a little while (3-4 boxes of ammo), and I have had no other problems of any sort. I have shot mostly the cheapest ball I could find, but have run several differnt types of hollowpoints with no failures to feed. It is an accurate pistol, at 25 yds a buddy and I have no trouble breaking blue rocks leaned against our backstop, and then shoot for the larger pieces. At deer camp this year (after I had my deer) I let a couple of guys that had never shot a .45 before shoot mine, and they had no problems keeping all of their shots in about an 8" circle (2 mags each at 25 yds).
I guess you can get a new 1911 that is accurate and dependable for less than $350.