I sometimes carry my S&W 1911PD. Usually IWB in a basic slide holster, sometimes OWB in a Blackhawk Serpa L2, but that requires a big cover garment. The 1911PD saves you about 1/2 a lb over a conventional 1911, and it's sexier too.
As for concealing, it probably helps that I'm 6'4" 260lb, but with a good belt and holster, and proper attire, I'm sure you can conceal one.