My favorite holster is the Cuda which is made by Simply Rugged Holsters.
It is a pancake OWB holster but is also convertable to IWB (if you get their Inside/out straps) and also a shoulder hoster too (if you get their Chesty Puller shoulder rig).
The basic holster itself is like $65 bucks, but I promise you it is very quality made. I have two higher priced Galcos but I now use this for all of my 1911's (even my Ed Brown).
Here is a link to their website: