In all honesty, I can't find anything wrong with it for a piece in that price range. Yes, certain parts have a "cheap feel" to them (thumb safeties most notably), but that is to be expected in a lower price range weapon. Overall, my Taurus shoots quite well, both in function and in accuracy. It is put together well, and mine is very tight. It definitely fills a place in line for those investigating a 1911, or those who don't feel like spending large $$$ on one right now.
For the price, I find it a nice weapon to own and shoot. I've had no problems with mine at all. I do wish I'd gotten the stainless version in hindsight though. Other than that, it's good to go in my book.