I have two 1911s, a S&W (an older one, not the E series) and a Sig Tacops, both purchased for slightly more than $800. The Sig came with 5 magazines and a free Sig holster. The Tacops I have is the traditional model, with the normal 1911 slide profile and a rail, although they make the same gun without a rail. It came with excellent night sights, an extended magwell, and a number of other features found on more expensive guns.
I can't tell you how pleased I have been with the fit, finish and performance of the Sig. Not so crazy about the quality of the S&W -- I had to send it back to S&W because of consistent FTE issues. I've handled and fired colts at the range and liked them a lot but can't say more than that. You should at least check the newer Sig 1911 line out. In my limited experience, the newer Sig 1911s are the best value in this price range and seem to be easier to come by than Colts.