A lot of people will have bad things to say just because it's a Taurus. But for $300, I'd take that deal every day of the week and twice on Sunday!
I have one of the older Taurus 1911s in stainless and I have given that gun a rough way to go. It's my knockaround/truck gun. I probably haven't cleaned it in over a year and it's packed full of sawdust and all kinds of other junk. I've got over 5000 rounds through it and it's never given me a single problem. The slide fit has loosened up and it has a bit of a rattle, but it's been 100% reliable and still as accurate as it was when it was new. For a budget price, I'd much rather have a Taurus than any of the Armscor/Rock Island/Citadel 1911s. I'd say you got a solid pistol for one heck of a good price. If it doesn't function properly, contact Taurus and they'll get it repaired for you for free.