I have 4 1911s and an M&P 45. I can honestly say that the 1911s I've shot that were sub-$1000 guns were not noticeably better than my M&P (with APEX DCEAK installed).
I can't imagine not owning a 1911, but I also would favor the M&P for my purposes (defense, carry, range fun). I don't know how to advise for competition. I do imagine that having two handguns for competition that have the same grip/trigger/sight picture/feel seems to give easier transitions than swapping 1911 to M&P.
If you will sink more money into it down the road, a 1911 can probably be made more accurate, but it might cost you twice an M&P.
Either platform works well, so good luck with the decision!
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