Good compared to what? Higher end 1911's or other $600 1911's? Its certainly not as good as higher end 1911's or even most production grade 1911's like Kimber, Sig, S&W, Springfield, Colt (in no particular order). As far as lower level guns go I'd rather have a Ruger or Remington, an STI Spartan or even a Rock Island Tactical.
While 19k rounds through the one posters gun is good, it in no way is indicative of all Taurus 1911's. Get large numbers of these guns to go this many rounds and maybe we can talk but the history is just not there.
The best bang for the buck 1911 that I have seen is the S&W E-series. Lots of very nice features for not alot of money. The only issue I have with them is that the external extractor is not user-serviceable and has to be sent to the factory for replacement. Other then that it is a very solid gun for the money.