You can also go to providers like http://www.miltecharms.com/rifles.htm and www.fultonarmory.com and order a custom or semi-custom like brand new fully restored M1 for about $1,800.00 and up. But these are if you want a shooter that will not have collector value but will look really cool and be reliable.
The CMP M1s that I have seen vary from pretty rough to pretty nice, a lot of it depends on how much you pay and your luck of the draw.
If you want a collectible M1, that is a whole other world and the prices for the nice ones begin at around $3,000.00 and go up steeply from there.
Kind of like a 55' Chevy, you can have collectible, restored, un-restored, just depends on what you want to do with it and how much you are willing to pay.
I have my eye on the same one Army Guy got from the CMP, seems like a deal. I want a shooter with some history, but if I could afford a collector one, I wouldn't shoot it.