I like the PT1911 and I do feel it's one of, if not THE, best bang for the buck 1911's right now.
Taurus has a lot of haters - and a lot of that comes from word of mouth and some crappy products they put out in the 90's.
about 5 years ago or so, they went through and completely redid all their tooling with brand new CNC driven machines and got into the 1911 world. I have handled about 8 of them and shot 3 of them and they are a good, solid gun that does what it's supposed to do.
I believe that stalkingbear has that exact model and the only thing he had a problem with was the front sight, if memory serves, but he did end up recommending the gun as a solid purchase.
The problem with "budgt guns" especially in the 1911 category is the use of MIM parts. Now, they function fine for years, but for me, I don't want any MIM parts in my gun. I want steel and I want real metal in that steel, not melted down car bumpers and soda cans.
That said, you can get a Rock Island, and for a couple of hundred bucks, over the course of a year, get out the MIM parts and put in quality parts and build a very reliable gun.
Bottom line, if the frame, slide and barrel are good quality, the rest of the gun can be tuned as $$ allows.....